Gannett, the owner of USA Today and dozens of other newspapers nationwide, on Thursday won the latest round in its battle with a hedge fund-backed media company intent on buying the chain.
The rival company, MediaNews Group, tried and failed to win seats on Gannett’s eight-member board.
Citing the preliminary vote count conducted by a proxy solicitor on Thursday, Gannett said the result showed that “our strategic plan is the best path to deliver value for all Gannett shareholders.”
MediaNews Group went under the name Digital First Media when the deep cuts it instituted led to a newsroom revolt at The Denver Post last year. The company, backed by the New York firm Alden Global Capital, made an unsolicited bid of .3 billion for Gannett in January.
When that didn’t work out, MediaNews nominated six alternate directors to try to secure a majority on Gannett’s board. Prospects for that plan seemed dim, however, so MediaNews put up a more modest three-director slate for Gannett’s annual shareholder election on Thursday.
The war of words between Gannett and MediaNews, which put the “hostile” into “hostile takeover,” continued even after the vote.
“This is a win for an entrenched Gannett board that has been unwilling to address the current realities of the newspaper business, and sadly a loss for Gannett and its shareholders,” MediaNews said in a statement.
Gannett will keep its eight incumbent directors. And MediaNews’s dream of uniting newsrooms in Phoenix, Nashville, Boston and Anaheim, Calif., to create the largest newspaper company in the United States will go unfulfilled. For now.
Journalists in Gannett’s stable will likely breathe sighs of relief, given MediaNews’s track record of slashing costs and reducing the head counts in newsrooms as part of its quest to maximize profits.
MediaNews is not going anywhere, however. It remains Gannett’s largest active shareholder, with a stake of 7.5 percent, as disclosed at the time of its unsolicited bid. The company has criticized Gannett’s business practices and its online strategy, which includes roughly 0 million for digital expansion.
MediaNews argues that cost cutting saves regional papers — the company has pulled several out of bankruptcy, including The Boston Herald — and that it delivers value to shareholders.
In its statement on Thursday, MediaNews expressed hope that Gannett would “shift course to embrace a modern approach to local news.” It added, “If Gannett’s board does not shift course from overpaying for noncore, aspirational and dilutive digital deals, we believe the stock will drop further.”
In addition to USA Today, Gannett owns The Detroit Free Press, The Arizona Republic, The Milwaukee Journal Sentinel and other prominent newspapers in small, midsize and large cities. MediaNews owns 200 newspapers, including The Orange County Register in California.
Critics of the hedge fund-backed company contend that it sees its publications less as community resources than as A.T.M.s. Among the Gannett board members who won re-election on Thursday was Steve Coll, the dean of the Columbia Journalism School.
After a deep round of layoffs at The Denver Post newsroom last year, the paper put out a special opinion section devoted to pieces critical of MediaNews. The lead editorial described its owners as “vulture capitalists” and went on to argue, “If Alden isn’t willing to do good journalism here, it should sell The Post to owners who will.”
Tony Daley, a research economist for the Communications Workers of America union, which represents many Gannett employees, said in an interview that MediaNews was “out there only to squeeze the lemon and extract cash from the news industry, the way they’ve done with Digital First, and we think it’s a bad deal for shareholders and a bad deal for the news industry.”
“We’re obviously fighting for our members,” Mr. Daley added, “but we’re also fighting for democracy.”
MediaNews made its intentions known shortly after the start of 2019, proposing to buy Gannett for per share, or around .3 billion, a 23 percent premium. Gannett rejected the offer in early February.
“Within the industry, MNG has a well-documented history of significantly reducing editorial staff and cutting costs at its acquired properties,” wrote the Gannett board chairman, J. Jeffry Louis.
MediaNews has said stock prices demonstrate that Gannett is underperforming and overpaid its chief executive, Robert J. Dickey, who retired last week. Barbara Wall, the chief legal officer and interim chief operating officer, has assumed Mr. Dickey’s duties pending completion of a search for his replacement, according to a Gannett spokesman.
Gannett reported a quarterly loss of .2 million in a recent earnings report, slightly more than in the same quarter a year before.
Mr. Daley, of the communications workers union, said the newer breed of finance industry-backed publishers had altered the media landscape for the worse.
“It’s a fact that newspaper owners are rich,” he said. “We’ve all seen ‘Citizen Kane.’ It is what it is. But the hedge fund entry into the picture is fundamentally a different animal.”B:
马报生肖属性算命图【总】【管】【正】【准】【备】【把】【饭】【菜】【都】【撤】【下】【去】，【结】【果】【一】【团】【白】【色】【的】【身】【影】【就】【扑】【到】【了】【桌】【子】【上】。 【总】【管】【正】【准】【备】【开】【口】【训】【斥】，【就】【被】【离】【硕】【冉】【制】【止】【了】。【总】【管】【没】【办】【法】【退】【了】【下】【去】。【离】【硕】【冉】【就】【盯】【着】【狼】【吞】【虎】【咽】【的】【叶】【紫】【涵】。 【知】【道】【叶】【紫】【涵】【把】【桌】【子】【上】【的】【东】【西】【消】【灭】【的】【差】【不】【多】【了】，【才】【打】【了】【一】【个】【饱】【嗝】，【仰】【躺】【在】【桌】【子】【上】，【爪】【子】【还】【时】【不】【时】【的】【摸】【摸】【圆】【圆】【的】【肚】【子】，【感】【概】【到】：“【好】【久】【没】【吃】
“【少】【给】【我】【皮】，【谁】【是】【你】【老】【婆】，【我】【还】【是】【黄】【花】【大】【闺】【女】【呢】！”【挣】【脱】【开】【伊】【燃】【的】【怀】【抱】【后】，【铷】【初】【朝】【着】【他】【做】【了】【个】【鬼】【脸】，【随】【后】【朝】【着】【医】【院】【跑】【了】【过】【去】。 【走】【在】【后】【面】【的】【伊】【燃】，【嘴】【角】【上】【扬】，【好】【心】【情】【地】【看】【着】【她】【灵】【动】【的】【身】【子】。 【这】【丫】【头】【就】【是】【一】【个】【没】【心】【没】【肺】【的】，【无】【论】【在】【什】【么】【地】【方】【什】【么】【时】【候】，【她】【都】【能】【开】【开】【心】【心】【的】，【或】【许】【这】【就】【是】【她】【最】【开】【始】【就】【让】【他】【感】【到】【惊】【艳】【的】【地】
“【墨】【小】【子】，【还】【真】【的】【获】【得】【了】【这】【个】【神】【盒】【的】【认】【可】？【成】【为】【神】【盒】【真】【正】【的】【主】【人】。” 【殿】【宇】【中】，【银】【澄】【听】【到】【灯】【灵】【的】【报】【讯】，【这】【狐】【狸】【两】【眼】【直】【翻】，【心】【里】【很】【不】【平】【衡】，【如】【此】【一】【来】，【三】【个】【同】【伴】【中】，【它】【的】【收】【获】【是】【最】【差】【的】【了】。 【第】【二】【次】【选】【择】【神】【物】，【这】【狐】【狸】【的】【运】【气】【其】【实】【不】【算】【差】，【选】【中】【了】【一】【件】【阵】【道】【防】【御】【神】【器】，【乃】【是】【准】【超】【大】【陆】【级】【的】【品】【阶】，【运】【气】【不】【可】【谓】【不】【好】。
【滴】【血】【认】【主】【已】【经】【成】【功】，【这】【无】【可】【置】【疑】。 【但】【是】，【这】【两】【把】【烈】【焰】【刀】【臣】【服】【时】，【所】【发】【出】【的】【声】【音】，【怎】【么】【这】【么】【大】？ 【后】【来】【所】【发】【出】【的】【宝】【器】【光】【芒】，【又】【为】【什】【么】【这】【么】【强】【烈】？ 【最】【后】【一】【点】，【这】【光】【芒】【持】【续】【时】【间】【怎】【么】【这】【么】【长】？ 【当】【然】【人】【们】【更】【想】【知】【道】【的】，【神】【兽】【的】【虚】【影】，【到】【底】【会】【不】【会】【出】【现】。 【滴】【血】【认】【主】【组】【既】【然】【已】【经】【成】【功】。【叶】【尘】【梦】【和】【洛】【林】【雪】，【自】【然】【把】【自】
。【正】【值】【隆】【冬】，【天】【空】【泛】【着】【浅】【灰】，【成】【片】【的】【雪】【花】【簌】【簌】【下】【落】，【像】【是】【一】【张】【银】【色】【的】【网】【从】【天】【而】【降】。 【地】【面】【早】【已】【铺】【了】【一】【层】【积】【雪】，【一】【脚】【踩】【上】【去】，【窸】【窸】【窣】【窣】【的】，【声】【音】【很】【轻】，【更】【显】【得】【周】【遭】【极】【为】【安】【静】。 【林】【默】【按】【照】【约】【定】【在】【街】【口】【的】【巷】【子】【等】【费】【宇】。 【他】【撑】【着】【一】【把】【黑】【伞】，【靠】【着】【电】【话】【亭】，【目】【光】【落】【在】【撑】【伞】【那】【只】【手】【的】【手】【腕】【上】—— 【银】【色】【的】【手】【链】【绕】【了】【腕】【骨】【一】
【闻】【言】，【顾】【连】【城】【缓】【缓】【从】【沙】【发】【上】【站】【了】【起】【来】，“【我】【带】【你】【出】【去】【吃】【饭】【吧】。” 【顾】【念】【乔】【一】【喜】，【连】【忙】【递】【出】【了】【自】【己】【的】【小】【手】，【却】【发】【现】【顾】【连】【城】【已】【经】【牵】【起】【了】【乔】【姜】【的】【手】。 【俩】【人】【还】【假】【惺】【惺】【的】【回】【头】【看】【了】【她】【一】【眼】，“【你】【要】【不】【要】【去】？” “【去】！” 【顾】【念】【乔】【大】【声】【的】【应】【了】【一】【句】，【他】【是】【绝】【对】【不】【会】【让】【他】【们】【有】【单】【独】【相】【处】【的】【机】【会】【的】。 【于】【是】，【他】【拿】【起】【自】【己】【的】