Gannett, publisher of USA Today and hundreds of other daily newspapers, is facing a hostile takeover bid from MNG Enterprises, a cost-cutting publisher better known as Digital First Media, the Wall Street Journal reports today.
Gannett for years was known as the most cost-efficient — or tight-fisted, depending on your point of view — newspaper group but MNG has stolen that title and made itself the nemesis of newspaper unions and journalists.
From its base on Jones Branch Drive in McLean, Gannett publishes more than 100 daily and 1,000 weekly newspapers in 43 states and six countries. It employs about 15,000 people.
The Journal report says MNG has quietly built a 7.5% position in Gannett stock and will offer to buy the company for $12 a share, a 23% premium over Friday’s closing price, the Journal said.