Gannett

Tribune rejects second Gannett bid; sets the stage for talks

Tribune rejects second Gannett bid; sets the stage for talks

Tribune Publishing rejected a second takeover bid from USA Today owner Gannett, but did say Monday that it was open to further talks.

Gannett last week raised its per-share bid for the owner of the Los Angeles Times, Chicago Tribune and other newspapers to $15, from $12.25. Gannett, based in McLean, Virginia, put the total value of the revised offer at about $864 million, which includes some $385 million in debt.

Tribune also revealed a $70.5 million investment from Nant Capital. Nant's acquisition of 4.7 million shares makes it Tribune's second-biggest institutional shareholder with a 12.9 percent stake.

Nant's founder, Patrick Soon-Shiong, will become vice chairman...

30°