Newspaper publisher Gannett, which owns USA Today and Newsquest in the UK, has today (25 April) made a formal offer to buy rival Tribune Publishing for around than $815m, taking on about $390m of debt.
The deal that would give the publisher control of the Los Angeles Times, the Chicago Tribune and several other newspapers.
Gannett said it offered $12.25 in cash for each Tribune share, a 63 percent premium to Tribune’s Friday closing price of $7.52. Gannett valued the total deal at about $815m, which includes about $390m of debt.
Gannett’s board said it was “disappointed” by Tribune’s “continued refusal to begin Read full story ›
Source: The Drum
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