A deal to merge the nation's two largest newspaper chains appears to be in jeopardy
MNG Enterprises, the owner of Digital First Media, said in a Securities and Exchange Commission filing Friday that it has taken a more than 9% stake in New Media Investment Group , the parent company of GateHouse Media. New Media announced on Monday that it plans to acquire USA Today owner Gannett . But MNG has previously made offers for Gannett that Gannett has turned down. So it looks like MNG's purchase of a New Media stake might be a way for MNG to try and kill the Gannett deal.
Last year, employees at the Denver Post gained national support when they rose up against what their editorial board termed the"vultures" of the paper's hedge fund owner, Alden Global Capital.MNG said in the SEC filing that it is"evaluating the terms" of the New Media-Gannett merger and believes the consummation of the deal may"not be in the best interest" of New Media's shareholders.
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