Digital First pursuing Gannett

[SoloFlyer]

Digital First apparently looking to buy Gannett.

Hedge-Fund-Backed Media Group Prepares Bid for Gannett

 

[Regan MacNeil]

I wouldn't wish Digital First on my worst enemy.

 

[FileNotFound]

That would be monumentally bad for the industry on every level. It looks like a serious offer: $12 per share, according to the WSJ story. GCI closed at $9.75 Friday.

 

[Shropshire Slasher]

Sounds like some really good money is horny for some really bad money.

 

[DanOregon]

Gannett may as well do it - all they're doing now is cutting to remain profitable. I don't understand the point of the endeavor anymore.

 

[Writer]

Gannett is the worst. They've ruined so many great publications.

 

[DanOregon]

Maybe the recent buyouts were the G trying to make itself more attractive. I'm guessing the only value you could squeeze that the G hasn't is middle managers.

 

[Sam Mills 51]

My concern is by the time Digital First gets done, we'll almost think of Gannett as the good ol' days. Almost.

Been part of a takeover in which a shaky company was bought by a company that made us long for yesterdays. The grass is not always greener ... even when you think you're stranded in the middle of the desert.

 

[DanOregon]

See also Republicans No Longer In Office.

 

[LanceyHoward]

Gannett is the worst. They've ruined so many great publications.

Digital First is a very well-managed liquidator. Gannett is an ineptly run publisher. I would prefer Gannett because they are trying to keep their newspapers alive. DFI is just trying to squeeze out the last drop of blood.

 

[DanOregon]

I am curious for those still in Gannett. Is it better or worse since they spun off newspapers to their own thing?

 

[Ice9]

I can't think of a more fitting punishment for Gannett than getting bought out by DFM. Two peas in a pod like you read about.

 

[crimsonace]

Digital First is a very well-managed liquidator. Gannett is an ineptly run publisher. I would prefer Gannett because they are trying to keep their newspapers alive. DFI is just trying to squeeze out the last drop of blood.

The one thing I don't understand about this is that DFM basically tries to use the newspaper to cut costs to the bone and sell off the assets. Problem is, there's not much left with Gannett properties to cut or sell. In our market, Gannett already sold the Indianapolis Star's downtown building and moved the newsroom into rented space in a mall. There aren't many assets left to sell off.

For journalism, this is really, really bad. As inept as Gannett is, it's still at least trying to be a media company. DFM's history is running a skeleton operation until it's sold off everything of value.

 

[Writer]

Even though I am not a Gannett fan from my experiences, I feel like this would really hurt the journalism industry if this sale happens.

 

[Tweener]

It would. I work for Gannett and it was confirmed in a company email this morning that DFM did indeed make an offer for $12/share. That scares the hell out of me. Not just because of what that could mean for my job and newsroom but because of what this means for journalism. Could, in some ways, be a death blow.

 

[FileNotFound]

Could, in some ways, be a death blow.

I do not believe this is an exaggeration.

 

[LanceyHoward]

Could, in some ways, be a death blow.

The Wall Street Journal article said DFI asked the Gannett board to stop making investments in digital. And if a media company is unwilling to invest in digital then it is just running out the string.

 

[MileHigh]

This would unequivocally be a disaster for journalism.

 

[DanOregon]

Just in case anyone was wondering, when Gannett was spun off, the newspaper division opened at $14.37 in 2015. And that's before some significant acquisitions.

 

[Roscablo]

I'm with everyone else here with no love for Gannett, but this is just bad news.