Gannett gets $1.36 billion takeover offer from a rival

A hedge fund-backed bid to buy Gannett Co., the publisher of USA Today and several other major dailies, is renewing fears of consolidation and job losses — as well as a decline in the quantity and quality of news coverage — in the already battered newspaper industry.

MNG Enterprises, better known as Digital First Media, offered $1.36 billion on Monday for Gannett, saying in a letter that it can run the company more profitably via tight cost controls and consolidation of operations such as printing and administration.

Gannett said its board will review the proposal...

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