Digital First sends buyout proposal to Gannett
DENVER (AP) — The publisher of USA today has received a $1.36 billion takeover bid from a media group with a history of taking over struggling newspapers and slashing costs.
MNG Enterprises, better known as Digital First Media, said in a letter to Gannett Co. that its leadership team has failed to show that it can run the company effectively.
The Wall Street Journal was first to report that the hedge-fund backed MNG has built up a 7.5 percent stake in Gannett, and that it has been rebuffed repeatedly by the company about a sale.