Press & Sun-Bulletin Owner Receives Buyout Offer
Gannett Company - which owns the Binghamton Press & Sun-Bulletin - is being targeted by a rival media company.
MNG Enterprises has offered to acquire Gannett in an unsolicited proposal. Gannett operates USA Today and dozens of daily newspapers across the United States.
MNG - which is also known as Digital First Media - has a 7.5 percent ownership stake in Gannett. The company is offering to buy Gannett for $12 a share.
A Press & Sun-Bulletin representative declined to comment on the matter Monday afternoon, referring an inquiry to Gannett's corporate office in Virginia.
A Gannett spokesperson was not available but the company issued a statement indicating its board of directors "will carefully review the proposal" to determine how to proceed.
Alden Global Capital, a New York City-based hedge fund, is the largest shareholder in Digital First Media.
The Press & Sun-Bulletin has offices on Lewis Road in the town of Union. The newspaper is printed at a Gannett facility in Rochester.
Gannett closed its Central New York Production Facility in Johnson City last year.
Contact WNBF News reporter Bob Joseph: email@example.com
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