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Thread: Gannett and Tribune may restart merger talks after surviving takeover bids

  1. #1

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    Gannett and Tribune may restart merger talks after surviving takeover bids

    https://nypost.com/2019/05/16/gannet...takeover-bids/


    The two largest newspaper chains in the country, USA Today publisher Gannett and Chicago Tribune owner Tribune, may reignite merger talks, now that both have dispatched with hostile takeovers by smaller suitors.

    Sources tell Media Ink that there have already been back-door reach-outs in recent months.

    “A Gannett-Tribune merger remains a live possibility, while McClatchy seeks the right partner,” said Ken Doctor, who writes the Newsonomics column for the Nieman Journalism Lab.

    Gannett, of course, emerged victorious on Thursday after successfully beating back a bid by Alden Global Capital-owned MNG Enterprises to land three insurgents on the Gannett board.

    Heath Freeman, the CEO of Alden, hoped that he and two allies would crack the Gannett board and help pave the way to approving a $1.36 billion hostile takeover by the much smaller MNG, owner of the Denver Post and Boston Herald. Instead, the Gannett shareholders backed all eight incumbent candidates, sinking any hopes of pulling off the takeover.

    Tribune in recent months was also busy fending off an unwanted bid from debt-heavy McClatchy Co., owner of the Miami Herald and Kansas City Star, which was attracted by Tribune’s debt-free balance sheet.

    Part of this is to avoid a bid from McClatchy the owners of the Sacramento Bee.

  2. #2
    Who would buy who? Gannett is financially challenged right now.

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