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GCI

Gannett

$9.31

0.04 (0.43%)

08:44
05/07/19
05/07
08:44
05/07/19
08:44

MNG urges Gannett shareholders to vote for slate of director nominees

MNG Enterprises, the largest active shareholder in Gannett with an approximate 7.4% ownership interest, issued the following statement in response to a report by Glass Lewis regarding the election of directors to Gannett's Board of Directors at the Company's upcoming annual meeting of shareholders on May 16, 2019: "While we agree with Glass Lewis that 'Gannett's business has struggled on a stand-alone basis since the 2015 spin-off from TEGNA' and that a $12.00 per share offer implies a 'fairly attractive premium,' we firmly believe that shareholders must hold the incumbent Board accountable for the Company's track record of significant underperformance and for the Board's failure to take the necessary steps to maximize shareholder value in favor of continuing to pursue a digital transformation strategy that Glass Lewis admits is 'far from proven. Against the backdrop of the significant issues facing the newspaper industry and the premium cash offer that MNG has proposed, we believe that the best way for Gannett shareholders to effect meaningful change on the Board is to vote on the BLUE card FOR ALL of MNG's nominees, who are committed to acting as a catalyst to maximize shareholder value, including by supporting a full strategic alternatives process. Without strong advocates on the Board willing to explore all possible ways to enhance value, Gannett is at risk of continuing down the path toward complete value erosion. The election of ALL THREE of MNG's nominees is needed to send a clear message to the incumbent directors that the status quo is not acceptable, and the Board needs to explore all possible ways to enhance value for all Gannett shareholders. MNG's nominees - Heath Freeman, Dana Needleman and Steve Rossi - deserve Gannett shareholders' support because they possess the right mix of newspaper turnaround, real estate, and capital allocation expertise needed to improve the Gannett Board and shareholder orientation, and provide much needed fresh perspective that Gannett's incumbent directors lack."

  • 16

    May

GCI Gannett
$9.31

0.04 (0.43%)

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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