DENVER | Digital First sends buyout proposal to Gannett

DENVER | Digital First sends buyout proposal to Gannett

DENVER —Jan 14, 2019—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.

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