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Hostile Bid for Gannett Rattles Some in the Newspaper Business

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The hostile takeover bid for USA Today parent Gannett Co. by MNG Enterprises Inc., a newspaper group backed by a hedge fund, stoked fears that an industry already reeling from years of cutbacks could be in for even more severe cost-cutting as financial owners become bigger players.

MNG Enterprises, which is better known in the industry as Digital First Media, sent a letter on Monday to Gannett, the country’s largest newspaper group by circulation, revealing that it had taken a 7.5% stake in the company and proposing to acquire…

Source: WSJ.com: US Business
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