MNG Enterprises, Inc. announced that its board of directors has sent a letter proposing to acquire Gannett Co., Inc. for $12.00 per share in cash. The proposed transaction would represent a cash premium of 41% to the Gannett stock price as of December 31, 2018, and MNG has asked Gannett to enter into discussions with MNG immediately about a strategic combination. MNG also requested that Gannett immediately commence a review of strategic alternatives to maximize shareholder value, commit to a moratorium on the acquisition of any additional digital assets, and commit to a feasible, strategic and financial path forward before hiring a new CEO.

President and CEO Robert J. Dickey will step down by May 2019.