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TRIBUNE PUBLISHING COMPANY

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Tribune Publishing : Swiss billionaire Wyss decides to drop out of bid for Tribune - Bloomberg, NYT

04/17/2021 | 04:32pm EDT
Swiss medical device company Synthes Chairman of the board Wyss speaks during the general shareholders meeting in Solothurn

(Reuters) - Swiss billionaire Hansjoerg Wyss has decided to drop out of a group that was bidding for Tribune Publishing Co, the New York Times and Bloomberg News reported on Saturday.

The decision was made in recent days after Wyss' associates examined the Tribune's finances as part of a due diligence process, according to the NYT report, which cited people with knowledge of the matter.

Wyss had come to believe it would be difficult for him to realize his ambition of transforming The Chicago Tribune, the paper he was most interested in, into a national publication, the New York Times said.

Earlier this month, Tribune Publishing received a $680 million takeover offer from Newslight LLC, a bid that trumped an earlier proposal from hedge fund Alden Global Capital for the owner of the Chicago Tribune and the New York Daily News.

Tribune said in a statement on April 5 that its board had determined that the $18.50 per share proposal from Newslight, jointly owned by Choice Hotels International Inc Chairman Stewart Bainum and Wyss, was superior to Alden's bid.

Bainum has also done due diligence on the deal and remains committed to a bid, Bloomberg reported on Saturday, citing a source.

The Bloomberg report added that Bainum is exploring alternative partnerships and financing, and has received inquiries in recent weeks from potential investors.

Tribune Publishing did not respond to a request for comment on Saturday.

(Reporting by Kanishka Singh in Bengaluru; Editing by Alistair Bell)


ę Reuters 2021
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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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