Gannett refuses to crinkle on digital buys

Gannett, the troubled publisher of USA Today, said it will “stay the course” amid widening losses — even as it faced another round of criticism from a major shareholder and potential buyer.

Gannett Chief Executive Bob Dickey said the company will continue to seek to expand its digital footprint through acquisitions of digital and print properties.

“We realize the future of the company is digital,” Dickey told investors on an earnings call. “In terms of publishing targets that make sense, we look at all of those.”

Dickey made the comments as shareholder MNG Enterprises, more commonly known as Digital First Media, launched a fresh attack on Gannett’s strategy — particularly tied to its digital acquisitions.

“Since 2015, Gannett has spent $350 million on digital acquisitions —or 36 percent of Gannett’s entire market capitalization — while earnings before interest, tax, depreciation and amortization have declined by 31 percent and free cash flow has dropped by close to 50 percent,” MNG said Wednesday.

MNG, a 7.5 percent shareholder controlled by hedge fund Alden Global Capital, has offered to buy the company for $1.36 billion , or $12 a share.

But Gannett rejected the offer, saying it “undervalues the company.”

Dickey on Wednesday reiterated the company’s position that the offer from MNG is “not credible.”

Gannett reported a net loss of $14.2 million in the fourth quarter, compared with a net loss of $13.59 a year earlier.

For the full year ending Dec. 31, the company reported a net profit of $15 million, compared with a profit of $6.9 million a year earlier. Revenue for the year declined 8 percent, to $2.9 million, due to an erosion in print advertising.

Shares closed down by 5.6 percent Wednesday, to $10.63. kkelly@nypost.com