Tuesday, 26 April 2016
USA Today publishers try to buy Newspaper Group for 815 Million.
Gannett, publishers of 'USA Today' have made a bid to buy Tribune Publishing (LA Times, Chicago Tribune etc) for 815 million usd in cash. That's a 63% premium on Tribune's stock price and they'll take on the debts estimated at 350 million usd.
The consolidation of both publishers (read - the job losses) would estimate savings of 50 million usd a year and of course, probably bring a bigger, better group. Certainly a stronger one in these fickle Newspaper times.
The offer was unsolicited and by all reports, not well received by Tribune Publishing.
Yet on paper, it looks like a lifeline.....interesting.