Media group backed by hedge funds prepares bid for Gannett

A media group backed by hedge funds known to buy troubled local newspapers and cut costs plans to make an offer for the editor of USA Today Gannett Co., according to people familiar with the subject.

MNG Enterprises Inc., one of the largest newspaper chains in the country, has quietly built a 7.5% stake in Gannett's shares and plans to publicly urge the publisher of McLean, Virginia, to put it up for sale, said the people.

MNG, …

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