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Gannett Tries to Seize Ownership of Tribune Publising
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The country’s largest newspaper company, Gannett Co. Inc. (NYSE: GCI), has made an unsolicited offer for Tribune Publishing Co. (NYSE: TPUB), which recently had a major management change and lost a bid for the Orange Country Register.
The offer is for $12.25 a share, about 65% above the Tribune’s current share price. Tribune’s shares have not been above that level since Michael Ferro bought $44 million, or 16.6%, of the stock last February.
Tribune has struggled to grow and has had management problems at the LA Times, its largest paper.
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