Authorization

Digital First Media is reportedly planning to make an offer to buy USA Today publisher Gannett

Digital First Media is reportedly planning to make an offer to buy USA Today publisher Gannett
Thomson Reuters



Media News Group Enterprises, better known as Digital First Media, is reportedly planning to make an offer to buy USA Today publisher Gannett Co. at $12 per share.




The offer would represent a 23% premium over Gannett's Friday closing share price of $9.75.




The Wall Street Journal, citing people familiar with the matter, said MNG Enterprises Inc. has already accumulated a 7.5% position in Gannett’s stock.




MNG and its hedge fund backer Alden have acquired a reputation for slashing costs at its media investments leaning on a strategy of layoffs.



A hedge-fund-backed media group with a reputation for swooping in on vulnerable local papers and cleaning out their newsrooms is planning to make an offer to buy USA Today publisher Gannett Co. at $12 a share.
The Wall Street Journal, citing people familiar with the matter, said MNG Enterprises Inc., better known as Digital First Media, has already accumulated a 7.5% position in Gannett’s stock, and the offer would represent a 23% premium over Friday's closing share price of $9.75.
MNG and its hedge fund backer and largest shareholder Alden Global Capital LLC have a reputation for slashing costs at its media investments leaning on a strategy of layoffs and zero-based budgeting, demanding that operators justify their annual expenses.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Июнь 2019    »
ПнВтСрЧтПтСбВс
 12
3456789
10111213141516
17181920212223
24252627282930