Deals
USA Today Publisher Receives $1.36 Billion Hostile Bid From MNG
- Hedge-fund-backed suitor urges Gannett to review alternatives
- MNG, known for cost cutting, has built a 7.5% stake in Gannett
Workers inspect copies of USA Today newspapers.
Photographer: Matthew Staver/Bloomberg
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USA Today publisher Gannett Co. received an unsolicited $1.36 billion offer from MNG Enterprises Inc., a company that has bought newspapers across the country and is known for its drastic cost cuts.
A deal would turn MNG, backed by hedge fund Alden Global Capital, into the largest owner of U.S. daily newspapers. MNG already has more than 200 daily and weekly titles, including the Denver Post and Orange County Register, and has been eliminating jobs to try to squeeze profits from the troubled sector. The moves have drawn protests from journalists.