A Maryland hotel magnate and a Swiss billionaire have made a bid for Tribune TPCO 0.22% Publishing Co. that the newspaper chain is expected to favor over a takeover deal it already struck with hedge fund Alden Global Capital. A special committee of Tribune’s board has determined that a roughly $680 million, $18.50-a-share bid submitted late last week by Choice Hotels International Chairman Stewart Bainum and Hansjörg Wyss is reasonably likely to lead to a proposal that is superior to Alden’s $635 million deal, people familiar with the matter said. That is legal deal-speak indicating Alden may need to raise its bid or risk losing the deal.
The philanthropist Hansjörg Wyss has teamed with the Maryland hotel executive Stewart Bainum in a bid to upend Alden Global Capital’s plan to acquire the newspaper chain.
Stewart W. Bainum Jr., a hotel magnate, made an $18.50 per share offer for the whole company, while Alden Global Capital had offered $17.25 per share.
A Maryland hotel magnate who had a deal to buy The Baltimore Sun is now weighing a bid for all of Tribune’s newspapers that could thwart a hedge fund’s plan.
Margaret Sullivan: “When Alden Global Capital announced Tuesday that it was positioned to buy the Chicago Tribune and several other major newspapers, its statement might have sounded promising. But only if you knew nothing about how this hedge fund has sucked much of the life out of the newspapers it already owns in places like Denver and San Jose.”
Hedge fund Alden Global Capital will acquire Tribune Publishing, publisher of the Chicago Tribune and other newspapers, in a deal worth $630 million. The companies announced on Tuesday that Alden will acquire all of the outstanding shares in Tribune that Alden doesn’t currently own for $17.25 per share in cash.
The hedge fund, which already owns a big stake in Tribune Publishing, could disclose an offer for the newspaper chain as soon as today, according to people familiar with the matter.
The Los Angeles Times and Tribune Publishing have jointly agreed to pay $3 million to settle a class action lawsuit brought by multi-ethnic group of journalists who claimed that they were systematically paid less than their white male counterparts.
The company said the newspapers — New York’s Daily News, the Orlando Sentinel in Florida, The Morning Call in Allentown, Pa., The Capital Gazette in Annapolis, Md., and the Carroll County Times in Maryland — will continue to be published with employees working from home as they have been during the coronavirus pandemic.
Tribune Publishing Co.’s talks over a potential takeover by McClatchy Co. have ended without a deal for the regional newspaper owner, according to people familiar with the matter. Tribune Publishing rejected a fully financed cash-and-stock offer from McClatchy valuing the company at $16.50 a share, said the people, who asked not to be identified because the details aren’t public. Tribune Publishing is talking to other potential buyers, one of the people said.
Newspaper giant Tribune Publishing has finally put its lengthy, floundering sale process on the clock. The Chicago-based company formerly known as Tronc — which owns the Chicago Tribune, the Baltimore Sun and the struggling New York Daily News — has asked suitors to submit first-round buyout bids by Thursday.
Two years after the parent company of the Chicago Tribune renamed itself Tronc, it’s going back to calling itself Tribune Publishing, the company announced Thursday. The name change, which formally takes effect Tuesday, will close a sorry chapter in the history of the Chicago media giant, which drew nearly universal revulsion and ridicule when it unleashed Tronc on the world in June 2016.
The new name stands for “Tribune online content.” It’s also the former name of Tribune’s new “content curation and monetization” technology, which it now calls TroncX. That’s the backbone of Tribune’s plan to squeeze more money out of digital ads and customize news articles for readers.
Gannett Co. is offering to buy Tribune Publishing in a cash sale for $12.25 a share, the company said Monday. The sale is valued at $815 million, including Tribune’s $390 million of debt.
An email to staff today addressed reports that the media giant would be bought by a Wall Street firm and that the Los Angeles Times would be bought by philanthropist Eli Broad. “Tribune Publishing remains committed to its strategy and transformation plan and is not engaged in discussions or a process to sell the company,” the memo says.
Newspaper owner and noted Twitter user Rupert Murdoch is hearing that the Los Angeles Times newspaper is about to change hands. On Friday afternoon he tweeted about “strong word” that Tribune Publishing is going “to be bought by big Wall St firm.” The L.A. Times will “go to philanthropist Eli Broad and local group,” Murdoch added. There was no immediate confirmation of Murdoch’s tweet.