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Gannett offers to buy Tribune Publishing for $815 million

Gannett offers to buy Tribune Publishing for $815 million

Gannett announced Monday an offer to buy Tribune Publishing, publisher of the Chicago Tribune and the Los Angeles Times, for $815 million, including the assumption of $390 million in debt.

The unsolicited, all-cash offer, which translates to $12.25 a share, represents a 63 percent premium over Friday's $7.52 a share closing price, as well as a premium over the $8.50 share price at which Tribune recently issued common shares, Gannett said.

Robert Dickey, president and CEO of Gannett, said in an interview Monday the company has been eyeing Tribune Publishing since June, and that it sees $50 million in savings annually and a platform for expanding its recently launched USA...

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