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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.