MNG offers to buy Gannett for $1.36 billion; shares climb

NEW YORK — MNG Enterprises, better known as Digital First Media, offered $1.36 billion on Monday in a hedge fund-backed bid to buy Gannett Co., the publisher of USA Today and several other major dailies. MNG said in a letter that it can run the company more profitably via tight cost controls and consolidation of operations such as printing and administration. Gannett said its board will review the proposal. Investors gave the deal a vote of confidence, immediately pushing Gannett stock up more than 20 percent to almost $12, the amount Digital First is offering.

PG&E says it will file bankruptcy

SAN FRANCISCO — The nation’s largest utility said Monday it is filing for Chapter 11 bankruptcy because it faces at least $30 billion in potential damages from lawsuits over the catastrophic wildfires in California in 2017 and 2018 that killed scores of people and destroyed thousands of homes. The move by Pacific Gas & Electric Corp., expected by the end of the month, would be the biggest bankruptcy by a utility in U.S. history, legal experts said.