The Wall Street Journal is reporting that MNG Enterprises, better known as Digital First Media, is preparing to bid for newspaper publisher Gannett Co.
The newspaper, citing “people familiar with the matter,” reported Monday that MNG holds 7.5 per cent of Gannett’s stock and intends to push the company to sell itself.
There was no immediate response to emailed inquiries to the two companies before office hours Monday U.S. time.
MNG Enterprises is one of the country’s biggest newspaper chains.
The report said Digital First plans to offer to buy Gannett for $12 per share, nearly a quarter above its closing share price Friday of $9.75. Gannett’s shares have rebounded after a rough spell in 2018.
Digital First owns about 200 newspapers and other publications. It has a reputation for cost-cutting.
The Associated Press