Gannett

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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
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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
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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
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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
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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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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
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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
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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
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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
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Gannett and Tribune bosses get into snit during acquisition talks

Update, 6:40 p.m.: Michael Ferro, the primary shareholder of Tribune Publishing, escalated the pointed rhetoric between his company and Gannett Tuesday afternoon, accusing the newspaper publisher of attempting to mount a hostile takeover in an interview with the Los Angeles Times. "I believe 100% in my heart that this is completely a manipulation, that they’re trying to steal the … Read More
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The potential impact of a mega-Gannett-Tribune deal

Good morning. What's up for newsrooms, readers? A hostile $815 million bid for Tribune Publishing by Gannett, owner of USA TODAY and 100 other properties, inspired anxiety in Tribune newsrooms for reasons that Gannett shouldn't deny. Staffers I spoke with at the Los Angeles Times, Chicago Tribune and The Baltimore Sun — three of Tribune's best-known dailies — are nervous, … Read More
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Why Gannett is likely to win its takeover bid for Tribune Publishing

(Updated to include Gannett comment that it will keep Tribune Publishing intact) Despite initial resistance from Tribune Publishing's management, financial logic suggests that Gannett will ultimately succeed in acquiring the company. Consider that Gannett's $815 million offer is a 60 percent-plus premium on the trading value of Tribune Publishing. Tribune's board has a fiduciary duty to consider the proposal … Read More
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Tribune Publishing, fresh from a strategic pivot, is weighing a surprise offer from Gannett

Tribune Publishing was clearly sideswiped. Monday's announcement of a bid for the company from Gannett for $815 million, or $12.25 per share for stock languishing of late at around $7, was met with obvious surprise by Tribune. "I want to update you on a recent development," Justin Dearborn, the new chief executive who comes from the healthcare industry, began … Read More
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Newspaper kingpins launch marketing consortium

Four of America's largest newspaper companies on Thursday announced a marketing cooperative in a bid to bring national advertising to their regional and local properties. Nucleus Marketing Solutions, a joint initiative from Gannett, McClatchy, Hearst and Tribune Publishing, aims to provide marketing services to 70 percent of consumers in the top 30 U.S. advertising markets, according to a press release … Read More
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Can the Billy Penn model for local news work beyond Philadelphia? We're about to find out.

Jim Brady, the man behind Billy Penn, began the Philadelphia news startup with the ambition of putting his vision for local news to the test. Mobile-first. Events-focused. Extremely active on social media. In less than two years, Billy Penn has emerged as a convener and chronicle of Philadelphia, at once covering the city's critical issues and attempting to rally … Read More