Gannett has gone public with an $815M offer to buy Tribune Publishing Co., eying strategic and financial benefits of combining the two publishing giants.
Gannett chairman John Jeffry Louis said the board "unanimously believes that the acquisition of Tribune would deliver substantial strategic and financial benefits." It would also advance Gannett's plan to build its USA Today network of journalists in more local markets and new platforms.
Gannett forecasts savings of around $50M.
Tribune, which owns the Los Angeles Times and spun off from Tribune Co. in 2014, responded to Gannett's overtures via letter last week to say it hired financial advisors to conduct a thorough review. The company said today that it is reviewing the bid with advisors "and will respond to Gannett as quickly as feasible."
Gannett's $12.25 per share cash offer includes $390M of Tribune debt and marks a 58% premium on Tribune shares as of April 22. President and CEO Robert Dickey added the deal "would bring together two highly complementary organizations with a shared goal of providing trusted, premium content for the readers and communities we serve."
Joele Frank, Wilkinson Brimmer Katcher is supporting Gannett on the PR front regarding the proposed deal. Amber Allman is VP of corporate comms. for Gannett.
Sard Verbinnen & Co. is working with Tribune on the PR front. D.F. King & Co. is bolstering IR.
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