April 26, 2016
Gannett Co. made an unsolicited $425-million bid to buy Tribune Publishing, which publishes the Los Angeles Times. Including assumption of debt, the all-cash offer totals $815 million, and follows a scuttled deal by Tribune to acquire the Orange County Register.
Gannett, the parent of USA Today, had recently shown private interest in acquiring Tribune, but formal discussions hadn’t commenced. The offer was made public in an effort to push the deal forward.
That strategy indeed forced Tribune’s board into evaluating the proposal, though the company had not been trying to sell and did not solicit Gannett’s offer. Tribune would fill a number of geographical gaps for Gannett, which owns more than 100 media properties across the country.