![]() But it got left at the altar when the Tribune board rejected its bid. Eliminate or reduce corporate staffs, centralize everything that can be centralized, and maybe in some cases continue to make small investments in newer revenue streams.ĭecember 14, 2018Just a month ago, McClatchy was close to finalizing its own big consolidation by buying Tribune Publishing. If revenue continues to drop at or even near double-digit levels, the consensus thinking is that radically reducing expenses through consolidation is about as good a card as anyone has to play. Consolidation (and the cost-cutting that comes with it) remains the dominant strategy in the daily newspaper industry. This may be the first newspaper mergers-and-acquisitions story of 2019, but it definitely won’t be the last. But later on Sunday night, Gannett’s USA Today told a different tale, with a company source saying “there has been no communication regarding a proposal to the company.” But this morning, an updated version of the story acknowledged Gannett had “officially received an unsolicited proposal to acquire the company.” As reported Sunday evening by The Wall Street Journal - and then confirmed via early Monday morning press release - Alden, through its Digital First Media/MNG Enterprise ownership, has offered a 23 percent premium for Gannett.Īlden apparently told reporters it had been in recent contact with Gannett about the offer. ![]() Alden Global Capital, the most reviled newspaper owner in the business, now wants to buy Gannett, the United States’ largest daily newspaper company.
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