The bid by Will Wyatt’s Donerail Group hedge fund to buy Tronc, owner of the Chicago Tribune and the New York Daily News, “is progressing,” but no deal is done yet. Odds of getting one done are improving, however, says one source close to the situation.
Donerail Group, an investment firm led by former activist hedge fund Starboard Value LP executive Will Wyatt, is in talks to acquire Tronc Inc., the publisher of Chicago Tribune and other newspapers, people familiar with the matter said on Thursday.
