Offer Made By Hedge Fund-Backed Newspaper Company to Purchase Gannett Co.

One of the largest newspaper chains in the nation is planning to make an offer to purchase Gannett Co, publisher of several newspapers throughout the county including USA Today and the Chillicothe Gazette.

According to The Wall Street Journal, MNG Enterprises Inc., better known as Digital First Media, wants to buy Gannett for just over $1.3-billion. MNG already owns a 7.5-percent stake in Gannett.

The Journal reports that MNG, and its hedge fund backer, Alden Global Capital LLC, have a contentious history with the newspaper industry after buying local papers and then heavily cutting costs.

While MNG is urging Gannett to place itself on the market, its not clear if Gannett will consider the offer.

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