MNG makes offer to buy USA Today publisher Gannett

Newspaper chain MNG Enterprises on Monday offered to buy USA Today publisher Gannett for $12 per share.

The Wall Street Journal reported on the proposed deal on Sunday.

The reported price represents a 23 percent premium to Gannett’s $9.75 close on Friday.

Better known as Digital First Media — MNG Enterprises — which is backed by a New York-based hedge fund Alden Global Capital, has already built a 7.5 percent stake in Gannett and reportedly is planning to publicly push Gannett to sell itself.

This story is developing. Please check back for updates.

CNBC contributed to this report.

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