In January 2019, Digital First Media made an unsolicited bid to acquire Gannett for $1.36 billion, but it was rejected for being undervalued. In an attempt to pursue a hostile takeover, DFM built up a 7.5% stake of Gannett's public shares. Gannett subsequently accused the company of engaging in a proxy fight. After a failed attempt to place 3 DFM nominees on Gannett's board of directors through a proxy vote on May 16, 2019, DFM sold shares lowering their ownership to 4.2%.