Gannett board election a blow to takeover effort

Gannett announced that, based on a preliminary vote count, shareholders have elected all eight of Gannett’s director nominees to the Gannett board — John Jeffry Louis, John E. Cody, Stephen W. Coll, Donald E. Felsinger, Lila Ibrahim, Lawrence S. Kramer, Debra A. Sandler and Chloe R. Sladden.

The vote represents a rebuff of Digital First Media's efforts to take over Gannett by putting in its own board members, CNN and others noted. 

“Consistent with the interactions with our investors leading up to the meeting, this outcome demonstrates that Gannett shareholders recognize the continued progress we have made toward our ongoing digital transformation and agree that our strategic plan is the best path to deliver value for all Gannett shareholders,” said a statement from Gannett. 

“This is a win for an entrenched Gannett Board that has been unwilling to address the current realities of the newspaper business, and sadly a loss for Gannett and its shareholders,” said a statement from MNG Enterprises.

New York hedge fund Alden Global Capital’s Digital First Media, also known as MNG Enterprises, has been angling for Gannett since at least January. Gannett has pushed back against the attempted takeover.

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