Topics

Giving Pledge

Tribune Publishing spurns latest Gannett offer, sells stake to Ferro ally

Tribune Publishing spurns latest Gannett offer, sells stake to Ferro ally

Tribune Publishing has rejected Gannett's $15-per-share offer to buy the company, but opened the door to negotiations, the Chicago-based newspaper company announced Monday.

Tribune Publishing also announced it received a $70.5 million investment from Nant Capital in a deal that makes the California-based technology investment firm the company's second-largest shareholder, edging past the 4.695 million shares owned by Oaktree Capital Management, which has pushed Tribune Publishing to negotiate a sale to Gannett.

Nant received 4.7 million newly issued shares at $15 a share, and company founder Dr. Patrick Soon-Shiong, a billionaire former surgeon and biotech entrepreneur,...

Loading
92°