Hedge fund called 'destroyer of newspapers' bids for USA Today owner Gannett

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.

http://www.startribune.com/hedge-fund-called-destroyer-of-newspapers-bids-for-usa-today-owner-gannett/504338792/