Gannett

POYNTER

Another major shareholder urges Tribune to strike a deal with Gannett

A second big-dollar investor in Tribune Publishing is calling on the newspaper company to cut a deal with Gannett, just two days after it rebuffed Gannett's $864 million offer to buy the company. In the letter sent to Tribune's board Tuesday, Towle & Co, a St. Louis-based investment firm, said the owner of the Los Angeles Times, the Chicago Tribune … Read More
POYNTER

Heavy-hitter investors plan a for-profit digital launch next month in Denver

The growing wave of local digital news startups is about to get a new player. The investors behind Business Insider will launch Denverite in June. Like Jim Brady's Billy Penn in Philadelphia or Ted Williams' Charlotte Agenda, this is a for-profit venture, and, if successful, may be replicated in other cities. Gordon Crovitz, a former Wall Street Journal … Read More
POYNTER

Tribune Publishing's $70 million gambit: Escalation or prelude to a deal?

So Tribune Publishing Chairman Michael Ferro has brought on board a fellow biotech billionaire, selling Nant Capital about 13 percent of the company for $71 million in newly issued shares. The investor behind Nant, Patrick Soon-Shiong, is Los Angeles-based and already owns a stake in the Lakers. So it makes sense that he could be buying into Ferro's vision of building … Read More
POYNTER

Tribune Publishing rejects Gannett's offer, announces $70 million investment

Tribune Publishing turned down a $864 million offer from Gannett to buy the company on Monday as it announced a $70 million investment from a new shareholder. The pair of developments is the latest in a weeks-long battle between Tribune Publishing and Gannett for control of the company and 11 of America's most storied daily newspapers, including the Los … Read More
POYNTER

A timeline of the messy newspaper war between Gannett and Tribune Publishing

If you blinked today, you might've missed the latest volley in the weeks-long trench warfare between the newspaper companies Gannett and Tribune Publishing. If the headline looks familiar, that's because both companies have been posturing in public since late April, when Gannett unveiled its $815 million bid to take over the Chicago-based Tribune Publishing. Talks between the two … Read More
POYNTER

Gannett slams Tribune bosses in letter to shareholders

Update, 2:50 p.m.: Tribune Publishing responded in a press release, calling Gannett's statement "misleading": Once again, Jeff Lewis and Robert Dickey are misleading investors with half-truths and conjecture designed to mask their desperate need to acquire Tribune Publishing to save their own business and their positions. This latest statement contradicts what Gannett has been stating to our shareholders, that … Read More
POYNTER

Tribune's No. 2 investor: Delaying a deal could 'destroy enormous shareholder value'

Oaktree Capital, the No. 2 shareholder for Tribune Publishing, warned Tribune's board Wednesday afternoon that spurning a takeover bid from Gannett would "destroy enormous shareholder value." The Los Angeles-based investment firm urged executives and directors to close a deal with Gannett. Oaktree's letter says a strategy orchestrated by Tribune Publishing Chairman Michael Ferro, which includes turning the Los … Read More
POYNTER

As financial uncertainty looms, how can you lead your newsroom through change?

The news hits you like a thunderbolt. There’s a corporate reorganization. An offer is on the table or, even more definitively, your company is being sold. Countless thoughts race through your head, not the least of which is, "what does this mean to me?" But you have even more to be concerned about. Whether you are a top newsroom leader … Read More
POYNTER

Gannett doubles down on bid to buy Tribune Publishing

Gannett is trying to make Tribune Publishing Chairman Michael Ferro an offer he can't refuse. On Monday morning, Gannett upped its bid to purchase the publisher of the Los Angeles Times, the Chicago Tribune and nine other major dailies to $864 million, an increase of nearly $50 million from its previous offer of $815 million. The increased offer now values … Read More
POYNTER

Tribune Publishing tries to foil Gannett with 'poison pill'

Tribune Publishing upped the ante Monday in its attempt to stymie a takeover by Gannett. The company disclosed that its board has adopted a "limited duration Shareholder Rights Plan." Under the plan, Tribune's shareholders can double their holdings in the event that another party — in this case Gannett — acquires more than 20 percent of the company. In common … Read More
POYNTER

Tribune's No. 2 shareholder urges sale talks with Gannett

Oaktree Capital, which owns nearly 15 percent of Tribune Publishing, is urging the publisher of the Chicago Tribune and the Los Angeles Times to negotiate with Gannett on a possible sale of the company. In an SEC filing dated May 4, the Los Angeles-based investment firm said exploring a sale of the company "would be in the best … Read More
POYNTER

Tribune calls Gannett 'desperate' in new defense of company strategy

Tribune Publishing on Friday released a slate of talking points aimed at supporting its decision to rebuff Gannett's recent $815 million offer to buy the company. The statement, labeled "Setting the Record Straight," lists seven "myths" about Gannett's recent bid and offers a series of brief rebuttals stating its case. Among the positions Tribune takes issue with: Gannett's claim … Read More
POYNTER

Gannett asks Tribune's stockholders 'to send a clear message'

On Monday, Gannett announced it was seeking "withhold" votes at Tribune Publishing Co.'s annual meeting on June 2. 'We intend to give Tribune stockholders the opportunity to send a clear message to the Tribune Board that its lack of engagement with our Board and management team regarding our highly compelling, premium offer for $12.25 per share in cash … Read More
POYNTER

Just how big will Gannett get?

Gannett's expansion goal is to be the number one news network in the country as measured by ComScore metrics, CEO Bob Dickey told analysts in an earnings conference call Wednesday. The company can achieve that with a presence in 125 to 140 markets, he added. It won't take 200.  Gannett already has the largest newspaper related sites and trails Time … Read More
POYNTER

Here's what Gannett would do with Tribune's major newspapers

Michael Ferro, the primary shareholder of Tribune Publishing, on Tuesday told the Tribune-owned Los Angeles Times that Gannett is "trying to steal the company" with its $815 million bid for the publisher of the Chicago Tribune, The Baltimore Sun and nine other major daily newspapers. But Gannett CEO Robert Dickey says his company's offer is a generous one that … Read More