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Bloodletting is largely discredited as a way of curing the sick. Yet some regional newspaper operators are still giving it a shot. New Media Investment (NEWM) wants to pay $1.4 billion in cash and shares for Gannett (GCI), making the biggest publisher of local papers in the United States. As treatments go, it looks expensive and probably ineffective.
New Media, which is run by SoftBank-owned Fortress Investment, is offering a stated premium of more than 50% to Gannett's closing price on May 30 when news of the merger first appeared. To justify that,