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GCI

Gannett

$10.26

0.16 (1.58%)

08:09
04/17/19
04/17
08:09
04/17/19
08:09

Gannett urges shareholders to vote for independent director nominees

Gannett mailed a letter to shareholders in connection with the company's 2019 Annual Meeting. The letter read in part, "Your board of directors and management team are confident that Gannett has significant value creation potential in continuing to execute the company's digital transformation and USA TODAY NETWORK strategy. We are making meaningful progress as we continue to deliver on our strategic initiatives, and thanks to these efforts, Gannett is well positioned to grow the company and our valuable assets to the benefit of Gannett shareholders and the communities we serve. MNG Enterprises, also known as Digital First Media, a competing news media company majority-owned by the New York based hedge fund Alden Global Capital, is attempting to derail our progress and take control of Gannett. First, it demanded that Gannett sell itself to MNG and - when your board unanimously rejected MNG's unsolicited proposal, determining that it undervalued Gannett and was not credible - MNG nominated a control slate of candidates, all of whom are closely affiliated with MNG and/or Alden, to stand for election to the Gannett board...All eight of your board's nominees are highly qualified and independent - and committed to acting in your best interests. They have broad and diverse experience and expertise in areas that are critical to Gannett's operations and digital transformation, including in finance, business development and strategic planning, mergers and acquisitions, digital media, journalism, marketing and advertising, technology and human resources...In contrast to Gannett's eight independent nominees, all of MNG's nominees have irreconcilable conflicts of interest given their close affiliations with MNG and/or Alden - and in some cases their fiduciary duties to MNG and Alden...Considering the irreconcilable conflicts of interest of MNG's candidates, Gannett believes electing them to the board would essentially transfer control of the board to MNG and Alden - with no control premium - enabling MNG to advance any agenda it wants at Gannett shareholders' expense...We believe the choice is clear. A vote "FOR ALL" of Gannett's nominees on the WHITE proxy card is a vote FOR a board: Composed of entirely independent directors, who are not beholden to or influenced by ANY outside entity. With broad and deep experience and skills in areas that are critical to Gannett's ongoing business transformation. Committed to realizing Gannett's potential and maximizing the value of the company's assets for the benefit of all shareholders."

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GCI Gannett
$10.26

0.16 (1.58%)

07/06/18
07/06/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Arbutus Biopharma (ABUS) downgraded to Neutral from Buy at B. Riley FBR with analyst Madhu Kumar citing valuation following the stock's recent rally. 2. Gannett (GCI) downgraded to Underweight from Neutral at JPMorgan with analyst Alexia Quadrani saying she expects ongoing secular concerns in the print marketplace to bring further volatility. 3. L'Oreal (LRLCY) downgraded to Hold from Buy at Deutsche Bank with analyst Eva Quiroga stating that following the stock's outperformance, she sees "limited incremental upside at best" from current share levels. 4. Carnival (CCL) downgraded to Hold from Buy at Argus with analyst John Staszak saying the company is faced with near-term challenges such as more difficult prior-year comparisons, soft advance bookings, higher fuel costs, and adverse FX rates. 5. Preferred Bank (PFBC) downgraded to Equal Weight from Overweight at Stephens with analyst Tyler Stafford citing valuation, noting that the stock now trades in-line with its peer group. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/06/18
JPMS
07/06/18
DOWNGRADE
Target $10
JPMS
Underweight
JPMorgan downgrades Gannett to Underweight on secular print concerns
JPMorgan analyst Alexia Quadrani downgraded Gannett to Underweight from Neutral with an unchanged price target of $10, implying 8% downside from current share levels. Shares have been relatively stable despite ongoing concerns regarding print circulation and advertising trends, Quadrani tells investors in a research note. The analyst, however, remains concerned about the outlook for both print circulation and advertising in an environment with rising newsprint costs. She thinks Gannett's print business will continue to weigh on growth, leading to declines in both revenue and EBITDA in fiscal 2018. As such, Quadrani believes the stock will remain an underperformer.
07/06/18
JPMS
07/06/18
DOWNGRADE
Target $10
JPMS
Underweight
Gannett downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Alexia Quadrani downgraded Gannett to Underweight with a $10 price target. The analyst expects ongoing secular concerns in the print marketplace to bring further volatility.

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