Gannett Company, which owns the Binghamton Press & Sun-Bulletin, is being purchased by another large media company.

New Media Investment Group, which owns GateHouse Media, plans to acquire Gannett in a merger agreement announced Monday afternoon.

The deal, which will give the combined company more than 260 daily newspapers, is valued at about $1.4 billion.

The merged firm will be called Gannett and will be run out of Gannett's current headquarters in McLean, Virginia. GateHouse Media is based in Pittsford, southeast of Rochester.

Photo: Bob Joseph/WNBF News
The Press & Sun-Bulletin offices are located on Lewis Road in the town of Union. (Photo: Bob Joseph/WNBF News)

Gannett and other newspaper companies have been cutting costs by reducing newsroom employees and closing printing facilities in recent years.

Gannett closed its Central New York Production Facility in Johnson City in June 2018, just 12 years after it opened the $50 million printing plant.

The company's Binghamton, Elmira and Ithaca papers now are printed in the Rochester area.

The merger announcement said the deal will accelerate the combined company's "digital transformation."

Local and corporate Gannett representatives could not be reached to discuss what the merger might mean for maintaining a seven-day-a-week print schedule for the region's newspapers.

The Gannett Central New York Production Facility in Johnson City. (Photo: Bob Joseph/WNBF News)
The Gannett Central New York Production Facility in Johnson City was closed in June 2018. (Photo: Bob Joseph/WNBF News)

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