Digital First offers a bid for USA Today owner Gannett
The Wall Street Journal reports that MNG Enterprises, better known as Digital First Media, is planning to USA Today publisher Gannett Co. to offer themselves for sale.
The newspaper, citing "people familiar with the case," reported Monday that MNG, which is backed by a hedge fund, holds 7.5 percent of Gannett's shares and has been repeatedly rejected by the company when it has approached it for a sale.
There was no immediate response to questions by e-mail to the two companies before office hours, Monday, in the United States.
Digital First has about 200 newspapers and other publications. It has a reputation for cost savings.
Gannett, based in McClean, Virginia, holds dozens of newspapers including the Record in New Jersey and the Arizona Republic, alongside USA Today.
The Wall Street Journal report said Digital First plans to offer Gannett for $ 12 per share, almost a quarter more than Friday's closing price of $ 9.75. The shares of Gannett have been restored in 2018 after an argument.
FILE – In this July 14, 2010, file photo, the Gannett Co.headquarters sign is in McLean, Va. The Wall Street Journal reports that MNG Enterprises, better known as Digital First Media, is preparing to bid for newspaper publisher Gannett Co (AP Photo / Jacquelyn Martin, file)
Digital First has about 200 newspapers and other publications, including the Denver Post and Boston Morning Herald. It has a reputation for stringent, painful cost savings. The largest shareholder is Alden Global Capital LLC, a New York-based hedge fund that primarily invests in ailing companies, according to the report.
FILE – On August 5, 2014, the photo, specialist Michael Cacace, is on the right in the foreground, at the post that Gannett handles on the floor of the New York Stock Exchange. The Wall Street Journal reports that MNG Enterprises, better known as Digital First Media, is preparing for a bid for newspaper publisher Gannett Co. (AP Photo / Richard Drew, File)
Sorry, we currently do not accept comments on this article.