Tribune Publishing Announces New Major Shareholder
CHICAGO, Nov. 19, 2019 /PRNewswire/ -- Tribune Publishing Company (NASDAQ: TPCO), one of the nation’s leading media companies, today announced that funds managed by Alden Global Capital, LLC (“Alden”) purchased 9,071,529 shares or 25.2% of the company from Merrick Ventures and Michael W. Ferro, Jr. for $13 per share. As a result of the purchase, Alden is now the company’s largest shareholder. The Tribune Publishing Board of Directors is in discussions with Alden to put two members on the Board in connection with increasing the size of the Board from six to eight.
“The Tribune Publishing Board of Directors looks forward to working with Alden to enhance our company’s value as the company continues to provide valuable journalism for our customers and communities,” said David Dreier, Chairman of the Board. “Tribune is a leader in each of our eight markets providing quality, locally focused journalism. Our board believes that solid journalism enhances shareholder value and that will continue to be our driving principle.”
About Tribune Publishing
Tribune Publishing (NASDAQ: TPCO) is a media company rooted in award-winning journalism. Headquartered in Chicago, Tribune Publishing operates local media businesses including the Chicago Tribune, New York Daily News, The Baltimore Sun, Orlando Sentinel, South Florida’s Sun-Sentinel, Virginia’s Daily Press and The Virginian-Pilot, The Morning Call of Lehigh Valley, Pennsylvania and the Hartford Courant. In addition to award-winning local media businesses, Tribune Publishing operates national and international brands such as Tribune Content Agency and The Daily Meal and is the majority owner of the product review website BestReviews. Our brands are committed to informing, inspiring and engaging local communities. We create and distribute content across our media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities.
This press release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Important factors that could cause actual results, developments and business decisions to differ materially from these forward-looking statements are uncertainties discussed below and in the “Risk Factors” section of the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). “Forward-looking statements” include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “may,” “might,” “will,” “could,” “should,” “estimate,” “project,” “plan,” “anticipate,” “expect,” “intend,” “outlook,” “seek,” “designed,” “assume,” “implied,” “believe” and other similar expressions. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward- looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain and subject to a number of risks and uncertainties.
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SOURCE Tribune Publishing Company