Tronc weighing offer to sell newspaper business - report
Reuters
Published Aug 08, 2018 20:56
Tronc weighing offer to sell newspaper business - report
(Reuters) - Tronc Inc (O:TRNC) is weighing an offer to sell the Chicago Tribune and the rest of its newspaper holdings to a private equity firm, the Chicago Tribune reported on Wednesday.
An offer of between $19 and $20 per Tronc share is on the table, the report http://www.chicagotribune.com/business/ct-biz-tronc-newspapers-offer-20180808-story.html said, citing sources close to the company, adding that at least one other private equity bid for Tronc may be in the works.
At its mid-point, the offer represents a roughly 33 percent premium to the stock's Tuesday closing price.
A total offer for the entire company could be over $700 million, the Tribune reported. Tronc had a market value of about $521 million as of Tuesday, according to Thomson Reuters data.
Tronc declined to comment when contacted by Reuters.
Its shares jumped 13 percent to $16.69 on Wednesday afternoon.
The Chicago-headquartered company already sold its other newspapers including the Los Angeles Times and the San Diego Union-Tribune earlier this year to billionaire investor Patrick Soon-Shiong for $500 million.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.