Shares in Gannett Co.rose almost 40 percent on Thursday, Editor & Publisher reported. The increase in faith in the newspaper company, which closed at a US$1.06 increase, could be linked to Ariel Capital Management's 7.7 percent hike in Gannett stakes.

Despite the recent surge, share prices in the company are still down from the previous high of $31.14 compared to the current $3.75. Newspaper stocks have witnessed an overall increase of 246 points, propelled by Wells Fargo's impressive end of the quarter results. The New York Times Co. enjoyed an 11.98 percent increase, closing at $5.42.