Gannett isn’t going away quietly. The company wants Tribune Publishing—and despite being turned down once already—has made another, higher offer.
USA Today (a Gannett paper) reports that the new bid values Tribune at about $479 million. If the offer is accepted, Gannett would assume roughly $385 million of Tribune’s debt, making the total deal for about $864 million. Gannett’s original offer for Tribune was $815 million.
“After further review, we have greater confidence in our ability to yield additional operational improvements in this transaction,” wrote Gannett CEO Robert Dickey, in a letter to Tribune’s board.