Tribune’s No. 2 Investor: Delaying a Deal Could ‘Destroy Enormous Shareholder Value’

Oaktree Capital, the No. 2 shareholder for Tribune Publishing, warned Tribune’s board Wednesday afternoon that spurning a takeover bid from Gannett would “destroy enormous shareholder value.”

The Los Angeles-based investment firm urged executives and directors to close a deal with Gannett. Oaktree’s letter says a strategy orchestrated by Tribune Publishing Chairman Michael Ferro, which includes turning the Los Angeles Times into a standalone enterprise covering entertainment globally “involve(s) great execution risk.”

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