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Gannett

NEWS

This week in Tronc: Waiting for Gannett’s next move

It’s another week, another chapter in the Gannett-Tribune Publishing (Tronc) takeover battle. At the end of last week, Tribune Publishing held its annual meeting, elected a slate of directors friendly to Chairman Michael Ferro and announced its impending corporate name change to Tronc, putting the ball back in Gannett’s court. It could respond by dropping its 100 … Read More
NEWS

Shareholder sues Tribune Publishing for breach of fiduciary duty

A weeks-long dispute between Gannett and Tribune Publishing for control of the company has landed in court. Last night, Tribune Publishing shareholder Capital Structures Realty filed a complaint in a Delaware court accusing company executives, including Chairman Michael Ferro, of neglecting their fiduciary duties in the wake of a takeover bid launched by Gannett. The lawsuit is the latest salvo … Read More
NEWS

Tribune Publishing closes shareholder meeting to the press

The press will be barred from a much-anticipated Tribune Publishing shareholder meeting being held in Los Angeles later today. At the meeting, shareholders will either vote for or withhold votes from Tribune Publishing's board of directors slate in a symbolic test of confidence in the company's leadership. A Tribune Publishing spokesperson told Poynter that public companies commonly limit attendance … Read More
NEWS

The stage is set for a showdown between Gannett and Tribune Publishing — here's what could happen

Faithful followers of Gannett’s operatic takeover fight to acquire Tribune Publishing will know that this is a decision day — Tribune's annual meeting will determine whether Gannett got any traction in urging a no-confidence vote in the company's management. Gannett has been encouraging shareholders to withhold approval of Chairman Michael Ferro’s slate of directors. The outcome of the … Read More
NEWS

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
NEWS

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
NEWS

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
NEWS

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
NEWS

A timeline of the messy newspaper war between Gannett and Tronc

If you blinked this evening, you might've missed the latest development in the weeks-long trench warfare between the newspaper companies Gannett and Tronc. If the headline looks familiar, that's because both companies have been circling each other since late April, when Gannett unveiled its $815 million bid to take over the Chicago-based Tribune Publishing (now called Tronc). Talks … Read More
NEWS

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
NEWS

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
NEWS

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
NEWS

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
NEWS

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
NEWS

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
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