Tribune rejects latest Gannett takeover bid

Tribune Publishing rejected the latest $15-a-share bid from Gannett and said that it has raised $70.5 million by selling an ownership stake to a Los Angeles-based billionaire’s firm that now becomes the newspaper company’s second-biggest shareholder. The company sold 4.7 million shares to that firm, Nant Capital, owned by Patrick Soon-Shiong, Tribune Publishing said in a statement today. Soon-Shiong, one of the world’s richest men, worth a reported $11.8 billion, was a successful surgeon before making his fortune in pharmaceuticals. He will become vice chairman of the Tribune board. Chicago-based Tribune Publishing, which owns the Chicago Tribune and Los Angeles Times, said it’s willing to engage in discussions with Gannett if it enters into a nondisclosure agreement, but noted that there would be no assurances of an agreement. “The Gannett…

Link to Full Article: Tribune rejects latest Gannett takeover bid

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