Report: Hedge Fund looks to buy Gannett [View all]

A media group with a history of purchasing struggling newspapers and cutting costs by dramatically reducing the number of journalists, is trying to buy the company that operates eight daily newspapers in New Jersey.

The Wall Street Journal is reporting tonight that MNG Enterprises, a major U.S. newspaper chain owner backed by a New York hedge-fund Alden Global Capital, is preparing to make an offer to purchase Gannett.

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MNG Enterprises, also known as Digital First Media, is prepared to offer Gannett $12 a share. Gannett stock closed on Friday at $9.75 a share, the Wall Street Journal reported.

“Digital First is known for its contentious history with the newspaper industry in part because of its penchant for slashing costs,” the WSJ wrote.

Read more: https://newjerseyglobe.com/fl/report-hedge-fund-looks-to-buy-gannett/

While Gannett media (USA Today) gets panned for their generic layout, Digital First Media is much more conservative.