Tribune Publishing Shares Rise After Rejection of Gannett Offer
Early market reaction to turn-down of $815 million is positive.
Profits are down and share prices are moving up in after-hours trading. That, in a nutshell, sums up a crazy day of Tribune Publishing news.
In short order this afternoon, the Chicago newspaper division shared its first-quarter results and announced that its board had unanimously rejected an unsolicited $815 million bid from Gannett:
“Tribune Publishing is in the early stages of a compelling transformation, with a well-defined strategic plan to drive increasing monetization of our important brands, capitalize on the global potential of the LA Times and significantly accelerate our conversion of content to revenue through an enhanced digital strategy,” said CEO Justin Dearborn.
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