Gannett buys mobile coupon, loyalty appmaker

Corporate announced today that Gannett has bought four-year-old Mobestream Media, maker of the Key Ring consumer rewards mobile platform, available on major smartphones. The purchase price and other terms, such as whether the deal is for stock, cash or a mix of the two, were not disclosed.

GCI will run Key Ring as a stand-alone business, with co-founder and CEO Chris Fagan reporting to Vikram Sharma, chief executive of the growing Digital Marketing Services division.

Investors rallied around GCI shares today. The stock, which has been marching higher over the past week, recently traded for $16.02, up 3% on a day when overall markets were soaring higher. At current prices, GCI is trading near its 52-week high of $16.26.

Shares have risen dramatically from a year ago, when (as we now know) CEO Craig Dubow was heading out the door on a medical disability. GCI is up 61% vs. a smaller 23% gain in the broader S&P 500 index, according to Google Finance.