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. Monday 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.
Gannett said Monday it received the letter, and its board will carefully review the proposal.
The McLean, Virginia-based publisher owns dozens of newspapers including [the Salisbury Daily Times,] the Record in New Jersey and the Arizona Republic in addition to USA Today.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Wow, I wish someone would buy my JUNK for 1.36 billion times it's value!
ReplyDeleteHOPEFULLY THEY WILL REALIZE WHAT A RAG THE DAILY TIMES IS, SHUT IT DOWN, AND CUT THEIR LOSSES. THEN THE SALISBURY NEWS BE THE ONLY "REAL" NEWS ON DELMARVA
ReplyDeletekey word there is digital. now will they quite dropping their trash in my yard?
ReplyDeletespyware - ransomware attach at SPD.
ReplyDeleteInteresting coincidence - Conspiracy minded people believed the CIA controls 90% of the media. CIA Headquarters - McLean Virginia, Gannett Headquarters - Mclean Virginia! What a coincidence!
ReplyDelete