Gannett, a major newspaper publisher, known for the daily newspaper ‘USA Today’, has rejected hostile takeover bids from rival MNG. The owner of titles like ‘Denver Post’ and ‘Boston Herald’ had $ 1.4 billion in store for Gannett.
According to Gannett, MNG is ‘not a credible buyer’. The amount offered would also be too low.
“Given MNG’s refusal to give even the simplest answers to Gannett’s questions, it seems that MNG has no realistic plan to take over Gannett,” states the USA Today owner in a statement.
It has been very unsettling in the US media industry. Within a time span of no more than a week, several large players have announced job reductions. At Vice Media, BuzzFeed, Verizon Media and Gannett itself, more than a thousand journalistic jobs are vanished.