Wednesday, April 14, 2021

Tribune Publishing Considers New Offer With Surprising Bid


Newspaper series included in Tribune Publishing, The News Tribune, The Daily News and The Baltimore Sun said on Monday that it had started a serious discussion about selling a pair of the company that came up with an offer nearly two months later. The Tribune agreed to sell itself to Alden Global Capital, a New York hedge fund.

The new bid, which exceeds the amount given by Alden, was received by Stewart W. on Thursday. Bannam Jr., a Maryland hotel magnate and Hansjorg vais, A Swiss billionaire who made his fortune as a manufacturer of medical devices.

The two are joined together in a company called Newslight. Tribune Publishing announced on Monday that it would “join the discussion and talks” with Mr. Bannum and Mr. Wiss. The company said that for now, it “will not terminate the Alden merger agreement or enter into any merger agreement with Newslight, Mr. Bannum or Mr. Wise.”

Until recently, it seemed that Alden Global Capital would almost certainly become the Tribune’s next owner. At the end of last month, Mr. Wyss emerged as A surprise new player, Telling The New York Times that he would work closely with Mr. Bannum in bidding for the chain. On Thursday, Mr. Wise and Mr. Bannum submitted his bid, with the Tribune priced at $ 18.50 a share, which overturned Alden’s offer of $ 17.25.

Mr. Wise and Mr. Banham’s bid raised the company’s value to approximately $ 680 million; Alden’s bid valued the Tribune at about $ 630 million. Offer was news Previously reported By The Wall Street Journal.

Tribune Publishing said on Monday that its special committee had determined that a competitive bid from Mr Wyss and Mr Bannum would be reasonably expected to lead a “better offer” than the Alden bid.

The Tribune advised shareholders to be cautious, stating, “There can be no assurance that discussions with Newslight and its principals will result in a binding proposal.”

About two months ago, Mr. Bynum reached a non-profit agreement to establish a non-profit agreement that, after obtaining share approval after the Alden-Tribune deal, from Alden to The Sun and two other tribunes Will buy newspapers owned by This agreement soon went into difficulty, however. Last month, Mr. Bynum, Chairman of Choice Hotels InternationalOne of the world’s largest hotel chains, the Tribune bid for all, offered $ 18.50 per share.

The Tribune said that last month, Mr. Even after considering Bannum’s bid, he favored an agreement with Alden, which had solid financing. At the same time, the board informed Mr. Bannum that he was free to find backers to make his offering more attractive. He did the same with Mr. Wise.

Alden has been sharply criticized by reporters in the Tribune News Room, which already owns about 32 percent of the company as a potential owner. Alden, owner of some 60 dailies across the country through the MediaNews Group, is known for making deep cuts on publications that often shut down significant numbers of newsroom employees as it profits from a struggling business Tries to earn. Alden says its strategy prevents newspapers from going out of business.

In an interview last week, 85-year-old Mr Wiss said he was partially inspired by a Times to join Mr Bannum Essay In which two former Chicago Tribune reporters, David Jackson and Gary Marks, warned that Alden would create “a ghost version of the Chicago Tribune.” Other Tribune journalists have campaigned, from California to Maryland, to persuade local beneficiaries to purchase the Tribune publication or at least one of its papers.

Mr. Wise, who lives in Wyoming, said he joined the Tribune in an attempt to buy him because his faith was in a strong press. He said in an interview last month, “I don’t want to see another newspaper giving the American people a chance to increase the amount of truth going down the drain.”



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