Gannett Comments on MNG Enterprises, Inc.’s Continued Failure to Produce a Financing Commitment

Gannett Co., Inc. (NYSE:GCI) (“Gannett” or “company”) today confirmed receipt of a letter provided to MNG Enterprises, Inc. (“MNG”) from Oaktree Capital Management L.P. in connection with MNG’s unsolicited proposal to acquire Gannett, which the Gannett board of directors unanimously rejected on February 4, 2019. Gannett issued the following statement:

The letter that MNG has procured from Oaktree’s distressed debt fund, Oaktree Strategic Credit, more than two months after MNG launched its unsolicited proposal, does not represent a contractual commitment or a legal obligation, and is highly conditional. Furthermore, Oaktree Strategic Credit did not indicate that it was confident in its own ability to arrange committed financing or otherwise suggest it would even play a role in the financing, as would be customary in a letter of this kind.

The Gannett board of directors is confident that Gannett has significant value creation potential in continuing to execute the company’s strategy. Given Gannett’s operational expertise, our focus on executing our strategic digital transformation and our unwavering commitment to remaining a trusted source of news, Gannett is well positioned to grow the company and its valuable assets to the benefit of Gannett shareholders and the communities we serve.

As a public company, Gannett’s board would engage with any party that makes a bona fide, credible proposal that appropriately values the company and is capable of being closed. Gannett has said in the past that MNG’s proposal fails that test, and the letter from Oaktree Strategic Credit does not alter the company’s assessment of MNG’s proposal.

No action is required by shareholders at this time.

Greenhill & Co., LLC and Goldman Sachs & Co. LLC are acting as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Gannett.

About Gannett

Gannett Co., Inc. (NYSE:GCI) is an innovative, digitally focused media and marketing solutions company committed to strengthening communities across our network. With an unmatched local-to-national reach, Gannett touches the lives of more than 125 million people monthly with our Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. Gannett brands include USA TODAY NETWORK with the iconic USA TODAY and more than 100 local media brands, digital marketing services companies ReachLocal, WordStream and SweetIQ, and U.K. media company Newsquest. To connect with us, visit www.gannett.com.