Tribune Publishing Rejects Latest Gannett Offer

The drama continues.

Tribune Publishing continues to bat away Gannett’s advances.

Not only did Tribune reject Gannett’s latest offer of $864 million to buy the company, it also announced a $70 million investment from Nant Capital. In a statement, Tribune Publishing CEO Justin Dearborn said Gannett’s offer was “clearly inadequate.” That’s just rude.

Despite the rejection, Tribune announced it would allow Gannett to examine its books, so this thing is far from over.

“We stand ready to work with Gannett to assess whether there is a path forward that will create more value for both sets of shareholders,” continued Dearborn. “We have no preconceived ideas about where these discussions might lead, but the Board is committed to engaging further in an effort to identify potential additional value for the Company’s shareholders.”