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TRIBUNE PUBLISHING COMPANY

(TPCO)
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Tribune Publishing : Hedge fund Alden Global to take Tribune Publishing private in $630 mln deal

02/16/2021 | 07:23pm EDT

Feb 16 (Reuters) - Tribune Publishing Co said on Tuesday its largest shareholder, Alden Global Capital, will buy shares it does not already own in the company at $17.25 each in cash and turn the owner of the Chicago Tribune into a privately held firm.

Alden's offer represents a premium of 45% to the closing price of Tribune common stock on Dec. 11, the publisher said in a statement.

The hedge fund, known for its hostile takeover bids of publishing companies, had a 32% stake in Tribune prior to the transaction.

Tribune Publishing, which also owns the New York Daily News and the Baltimore Sun, has seen a decline in revenue this year as the COVID-19 pandemic hammers the publishing industry.

The company's board on Tuesday approved the buyout following a recommendation by a special committee it had formed in December to act on its behalf in respect of Alden's offer.

Along with the buyout, Alden also signed a non-binding term sheet to sell The Baltimore Sun to Sunlight for All Institute, a public charity formed by Stewart Bainum Jr, according to Tribune's statement.

The transaction is expected to close in the second quarter of 2021, the publisher said. (Reporting by Shariq Khan and Derek Francis in Bengaluru; Editing by Shailesh Kuber and Subhranshu Sahu)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHOICE HOTELS INTERNATIONAL, INC. -0.80% 119.9 Delayed Quote.13.25%
TRIBUNE PUBLISHING COMPANY 0.41% 17.26 End-of-day quote.25.99%
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Financials (USD)
Sales 2020 746 M - -
Net income 2020 -39,0 M - -
Net cash 2020 25,8 M - -
P/E ratio 2020 -11,8x
Yield 2020 1,96%
Capitalization 636 M 636 M -
EV / Sales 2019 0,58x
EV / Sales 2020 0,59x
Nbr of Employees 2 865
Free-Float 95,0%
Chart TRIBUNE PUBLISHING COMPANY
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Tribune Publishing Company Technical Analysis Chart | TPCO | US89609W1071 | MarketScreener
Income Statement Evolution
Managers and Directors
Heath Bradford Freeman President & Director
Michael Norman Lavey Chief Financial & Accounting Officer, Controller
R. Joseph Fuchs Director
Joshua P. Kleban Director
Michael J. Monticciolo Director
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