By: E&P Staff Gannett Co., the nation's largest newspaper publisher, has emerged as a possible bidder for Tribune's newspaper properties, the Chicago Tribune reports on Sunday.
Executives from Gannett were in Chicago last week to hear presentations on Tribune's financial condition, two inside sources said.
Since September, Tribune has been responding to orders to enhance shareholder value by at least considering selling all or some of the company's television and newspaper assets. "But the emergence of a potential buyer with the resources and clout of Gannett could significantly change the complexion of the bidding process," the Tribune reports today....
"The sources noted that the Tribune sell-off is still in its early stages and that Gannett has participated in newspaper auctions before without pulling the trigger. Most recently, Gannett expressed formal interest in Knight Ridder Inc. before eventually backing away.
"But assuming it is serious, Gannett would be the first 'strategic buyer'--Wall Street parlance for a suitor in the same industry--to jump into the fray."
The full article can be found at www. chicagotribune.com/business.
Comments
No comments on this item Please log in to comment by clicking here