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US: Gannett offers $815 million to buy LA Times and Tribune

By  |  April 25, 2016

Gannett has proposed to buy Tribune Publishing for $12.25 a share in cash, or $815 million.

In a statement Monday, the publisher of USA Today took public an offer it made April 12.

Tribune Publishing owns several newspapers including the Los Angeles Times and the Chicago Tribune.

Gannett chairman John Jeffry Louis explained why the company wanted Tribune:

A combination with Tribune would rapidly advance Gannett’s strategy to grow the USA Today network, the largest local to national network of journalists in the country, to include more local markets and new platforms, which we believe will benefit readers and result in significant and sustained value creation for Gannett stockholders.

The consolidation of both newspaper companies would also be aimed at cutting costs at a time of uncertainty for the industry. Gannett said it expected annual synergies of about $50 million.

Full Content: CNN

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