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U.S. Securities and Exchange Commission

Tribune Publishing rejects Gannett offer

Tribune Publishing rejects Gannett offer

Tribune Publishing's board has voted unanimously to reject Gannett's $815 million unsolicited offer to buy the Chicago-based owner of the Chicago Tribune, Los Angeles Times and other major newspapers.

In a letter sent to Gannett on Wednesday, Tribune Publishing said that after "thorough consideration" the offer was determined to be too low and not in the best interest of shareholders.

"The board and I remain confident in our ability to generate shareholder value in excess of Gannett's opportunistic proposal through a focused execution of our strategy," Tribune Publishing CEO Justin Dearborn said during an earnings call Wednesday afternoon. "The board...

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