USA Today publisher receives $1.36B hostile bid from MNG

USA Today publisher Gannett Co. received an unsolicited $1.36 billion offer from MNG Enterprises Inc., a company that has bought newspapers across the country and is known for its drastic cost cuts. A deal would turn MNG, backed by hedge fund Alden Global Capital, into the largest owner of U.S. daily newspapers. MNG already has more than 200 daily and weekly titles, including The Denver Post and the Orange County Register, and has been eliminating jobs to try to squeeze profits from the troubled sector. MNG, better known as Digital First Media, said in a statement that it sent a letter to Gannett’s board proposing the takeover. The board will “carefully review the proposal received,” Gannett said in its response. MNG also called for Gannett to immediately start a review of strategic alternatives, commit to halting digital expansion and settle on a new strategy before hiring its next chief executive officer.

Intel Corp. has been trying to fill the most prominent role in the $400 billion chip industry for more than six months. Intel directors have ruled out some candidates for the vacant chief executive officer post, passed up obvious ones, been rejected by some and decided to go back and re-interview others, extending the search, according to people familiar with the process. Whoever is chosen will take the reins at a company that’s churning out record results but is facing rising competition. Bob Swan, Intel’s chief financial officer, is filling the CEO role on an interim basis, and he was on CNBC last week discussing strategy like a full-time leader. However, Mr. Swan repeated that he doesn’t want the job permanently. Former CEO Brian Krzanich was ousted June 21 after the board discovered he had an extramarital affair with an employee.