The two largest newspaper chains in the country, USA Today publisher Gannett, which is based in McLean, VA,  and Chicago Tribune owner Tribune, may reignite merger talks, now that both have dispatched with hostile takeovers by smaller suitors, reports The New York Post.

The Post piece added that Gannett, emerged victorious “after successfully beating back a bid by Alden Global Capital-owned MNG Enterprises to land three insurgents on the Gannett board.

“Heath Freeman, the CEO of Alden, hoped that he and two allies would crack the Gannett board and help pave the way to approving a $1.36 billion hostile takeover by the much smaller MNG, owner of the Denver Post and Boston Herald. Instead, the Gannett shareholders backed all eight incumbent candidates, sinking any hopes of pulling off the takeover.

“Tribune in recent months was also busy fending off an unwanted bid from debt-heavy McClatchy Co., owner of the Miami Herald and Kansas City Star, which was attracted by Tribune’s debt-free balance sheet.

“The wheeling and dealing may be ready for another go-round.”

More here.

 

Leave a Reply

Your email address will not be published.