Gannett's revised offer to buy Tribune Publishing valued at $864M
May 17, 2016
Newspaper conglomerate Gannett (NYSE: GCI) has increased its bid to acquire Tribune Publishing (NYSE: TPUB), in which Oaktree Capital Management owns a 14.8% stake. Gannett is now offering $15 per share for Tribune, the owner of The Chicago Tribune and The Los Angeles Times, increasing its original proposal of $12.25 per share and representing a 99% premium to the company’s closing share price April 22, the day before Gannett announced its initial bid. The deal value of $864 million includes about $385 million in debt.