Gannett shareholders rejected a hedge fund’s board candidates. The vote could end a proposed takeover of USA Today and more than 100 other newspapers by Alden Global Capital.
The exterior of the Gannett headquarters in McLean, VA.
An investigation by The Washington Post found that Alden has cut jobs more rapidly than other newspaper owners, monetized real estate assets and come under federal investigation for its management of pension funds. When MNG proposed buying Gannett, for $12 a share, it sparked concerns about how many more reporters at Gannett papers might lose their jobs should MNG employ the same cost-cutting that it has elsewhere.
“We see the disrespect that the president shows toward the media generally; you see that on a national level," Brown said."If these papers seem more distant to the reading public, I think more politicians and businesses will follow the president’s lead with his disrespect to the media.” Union leaders backed Gannett’s board candidates. Speaking at the annual meeting, Bernie Lunzer, president of the NewsGuild, praised Gannett’s management for “still believing in sustainable journalism.”
Lunzer rejected that view: “We don’t believe that [MNG] believes in sustainable journalism. They believe in liquidation.”
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