Paper-thin defense

16 May 2016 By Jennifer Saba Follow @jennifersaba

The owner of USA Today has upped to $490 mln its offer for the L.A. Times publisher. It’s a 99 pct premium and a better multiple than virtually all but the most outlandish recent newspaper deals have commanded. Stalling Tribune Chair Michael Ferro has little choice but to engage.

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Gannett on May 16 said it has raised its offer to buy Tribune Publishing to $15.00 per share from $12.25 per share. The offer values the company’s equity at $490 million and represents a 99 percent premium to Tribune’s undisturbed closing price of $7.52 on April 22 before Gannett disclosed its intentions on April 25. The total value of the revised deal is $864 million including debt and pension liabilities, which Gannett has updated in its offer to reflect new figures released in Tribune’s first-quarter filings on May 5.

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