New Jersey’s news media market could experience a major shakeup if the owner of the Asbury Park Press, The (Bergen) Record, six other daily publications and several NJ weeklies is sold.
The Wall Street Journal reported yesterday that Gannett is a takover target by MNG Enterprises Inc., a hedge fund back company better known as Digital First Media, that owns the Boston Herald, the Denver Post about 200 newspapers throughout the country. MNG offered Gannett $12 per share ($1.3 billion), a 23% premium over the publishers Friday closing price of $9.75. MNG already owns 7.5% of Gannett. At 11:08 this morning, Gannett traded at $11.51.
New Jersey Globe yesterday was the first NJ outlet to report the story. Today, NJG noticed that there seems to be a media blackout on the story from the NJ legacy media. The Gannett papers are not reporting the story and neither is NJ Advanced Media owners of the Star Ledger, NJ.com and several other dailies., NJG said.