Gannett Co.,which owns USA TODAY and more than 100 other media properties across the country, has offered to buy Tribune Publishing for about $815 million, its second big expansion move since spinning off from its former parent less than a year ago, reports USA TODAY.
The USA TODAY story, in part, added:
“We believe Tribune shares the new Gannett’s unwavering commitment to journalistic excellence and delivering superior content on all platforms,” (Gannett CEO Robert) Dickey said in a statement. “In this respect, the proposed combination of Gannett and Tribune would bring together two highly complementary organizations with a shared goal of providing trusted, premium content for the readers and communities we serve.”
In August 2014, Tribune Publishing was spun off from its former parent, Tribune Co., which was looking to focus on broadcasting and eliminate its exposure to the declining print advertising market. Tribune Co. then renamed itself Tribune Media Co.
According to USA TODAY:
“Gannett spun off from its former parent in June of last year, retaining the publishing business but not its broadcast assets. At the time of the spin-off, Dickey made it clear that his strategy amid the turbulent print advertising market involved consolidating more media properties to strengthen its position on local reporting and local marketing and advertising.
“Its 108 newspapers and their affiliated digital properties now comprise the newly created USA TODAY NETWORK, a nationwide news organization that taps into the combined resources of its 3,800 journalists to report on major national as well as local issues, and that focuses heavily on investigative and watchdog reporting.
“If Gannett were to complete the deal, it would expand the NETWORK in strategic markets by owning dominant newspapers in major metro areas, such as the Los Angeles Times, the Baltimore Sun, Hartford Courant, Chicago Tribune and the Orlando Sentinel.”