MNG tells Gannett holders 'investment is in peril,' asks for director votes
MNG Enterprises, the largest active shareholder in Gannett Co. with an approximate 7.4% ownership interest, sent an open letter to shareholders today in advance of the company's annual meeting on Thursday, May 16. MNG urged shareholders to vote for all three of its director nominees: Heath Freeman, Dana Needleman and Steven Rossi. "We believe your investment is in peril - Gannett is operating in a declining industry, chasing a risky and unprofitable digital transformation strategy, without a proven leadership team," MNG said the letter. It added, "Our nominees, if elected, would serve as that catalyst for change and value creation. Further, they are committed to conducting a full strategic review to explore all possible ways to enhance value for all Gannett shareholders."