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.
![Tribune Publishing Company Logo Tribune Publishing Company Logo](https://mma.prnewswire.com/media/1032373/Tribune_Publishing_Company_Logo.jpg)
"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.
Forward-looking Statements
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