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Hedge Fund Called ‘Destroyer of Newspapers’ Bids for USA Today Owner Gannett

By Tony Seruga

Gannett owns USA Today, The Detroit Free Press and other publications.CreditCreditJacquelyn Martin/Associated Press

By Edmund Lee and Tiffany Hsu

A New York hedge fund known for gutting newsrooms is backing a hostile takeover bid for Gannett, the publisher of USA Today and 100 other newspapers. The unsolicited offer, worth over $1.3 billion, would create the largest newspaper company in the United States and further consolidate a struggling industry.

In an open letter to the Gannett board, MNG Enterprises, which is owned by the hedge fund Alden Global Capital, offered on Monday to pay $12 cash per Gannett share, a 23 percent premium on the company’s closing price on Friday. Gannett shares were trading about 19 percent higher around midday…

Hedge Fund Called ‘Destroyer of Newspapers’ Bids for USA Today Owner Gannett

Categories : Hedge Funds

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