Alden Global Capital offered to buy control of Tribune Publishing on Thursday. In a regulatory filing, Alden states they will take Tribune private. They see the potential to “unlock significant strategic and financial value” in the deal.
Alden offered to buy all common stock not already owned by them for $14.25 a share. This is a 32% premium to the volume weighted price of Tribune’s stock over the past year.
Tribune Publishing now responds to Alden’s offer. It has created a special committee of its Board of Directors. The committee is three independent members of the board. Lazard will be its financial advisor. David Polk & Wardwell LLP is its legal counsel.
No assurance can be given that Alden’s proposal, or any other transaction, will be consummated. The Company does not intend to disclose developments regarding these matters unless and until the special committee its Board of Directors determines there is a need to update the market.
Tribune Publishing responding to Alden Global Capital’s December 14, 2020 acquisition offer
Alden owns MediaNewsGroup, which operates 200 publications. Titles include the Denver Post, Mercury News, Orange County Register and Boston Herald.
Tribune, briefly known as tronc, is a media company which owns local media businesses in eight markets. Tribune newspapers include the Chicago Tribune, New York Daily News, Baltimore Sun and Orlando Sentinel.
Together, Tribune and Alden would control media properties in half of the top 10 markets in the United States. This includes the three biggest media markets in the country, New York, Los Angeles and Chicago.
