Wednesday will be a big day in the reeling newspaper industry.
According to philly.com, Gannett Co. shareholders in McLean, Va., are expected vote in a hostile takeover battle with hedge fund-controlled MNG Enterprises Inc., which owns the Media News Group newspaper chain, also known as Digital First Media.
MNG, which is ultimately controlled by the New York-based Alden Global Capital, is seeking to put three members on the Gannett board.
Digital First, majority owned by New York hedge fund Alden Global Capital, operates daily and weekly publications including the Denver Post and the Boston Herald. Gannett's media properties include USA TODAY, The Arizona Republic and The Detroit Free Press. MNG holds a 7.5 percent ownership stake in Gannett.
Media News Group has a reputation for gutting newsroom staffs. The company, which owns the Pottstown Mercury, Norristown Times Herald, and other Philadelphia-area newspapers, could bid on the Eagle, staffers say.
No comments:
Post a Comment