April 26, 2024 2:55 pm
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Tribune Publishing shares surge after Gannett launches takeover bid

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USA Today parent Gannett Co. on Monday announced an offer to buy Tribune Publishing, publisher of the Los Angeles Times, the Chicago Tribune and other newspapers, for $425 million, plus the assumption of $390 million in debt.

The all-cash offer translates to $12.25 a share and represents a 63% premium over Friday’s $7.52-a-share closing price. The total value of the deal including the debt is $815 million.

Shares of Tribune Publishing jumped in early trading to $11.97, nearly 60%, on news of the offer. Gannett shares were holding fairly steady Monday morning, up 19 cents to $15.96.

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