Gannett Co. has not received any acquisition offers, a source with knowledge of the situation said Sunday night after a report that Digital First Media is preparing to make an offer for the publisher of USA TODAY and more than 100 other news properties.
The Wall Street Journal, citing people familiar with the matter, reported late Sunday that MNG Enterprises Inc., also known as Digital First Media, would offer to buy Gannett for $12 a share. That would be a 23 percent premium above Friday’s closing price of $9.75 a share. Digital First is majority owned by hedge fund Alden Global Capital.
“There are media stories saying MNG Enterprises/Digital First Media is making an approach to Gannett Co.,” said the source close to Gannett. “To date there has been no communication regarding a proposal to the company.”
Digital First operates daily and weekly publications including the Denver Post, the Los Angeles Daily News and the Boston Herald. Gannett’s media properties include USA TODAY, The Arizona Republic and The Detroit Free Press.
Gannett CEO Bob Dickey said in an email Sunday night to employees that the company had not had communication regarding a proposal. “The company and board are well advised, and if we have more information we will keep you informed. During this time, it’s business as usual for us and we need to stay focused,” Dickey said in the email.
Attempts to reach representatives at Digital First and Alden Global Capital were unsuccessful.