January 14, 2019 / 3:15 AM / 8 days ago

MNG plans to make buy offer for USA Today publisher Gannett - WSJ

Jan 13 (Reuters) - Newspaper chain MNG Enterprises Inc plans to make an offer to buy USA Today publisher Gannett Co Inc for $12 per share, the Wall Street Journal reported on Sunday.

The reported price represents a 23 percent premium to Gannett’s $9.75 close on Friday.

Better known as Digital First Media — MNG Enterprises — which is backed by a New York-based hedge fund Alden Global Capital LLC, has already built a 7.5 percent stake in Gannett and plans to publicly push Gannett to sell itself, the report on.wsj.com/2Chsw9y said citing people familiar with the matter.

Gannett, which owns newspapers and websites across the United States, has been doing its best to transition away from legacy newsprint to digital subscriptions.

Digital First, publisher of the Denver Post and San Jose Mercury News, has approached Gannett about a deal several times in the past few years, but has been rebuffed, and it is unclear if Gannett will be interested this time, WSJ added.

Digital First and Gannett were not available for comments outside regular business hours.

Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Rashmi Aich

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