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Gannett Offers to Buy Tribune for $815M

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Gannett Offers to Buy Tribune for $815M The Capital A7 TUESDAY Business April 26, 2016 CAPITALGAZETTE.COM Gannett offers to buy Tribune for $815M Sale would mean new dia, 5.2 million shares of posal had “numerous con- owners for The Capital, newly issued common stock tingencies.” The Baltimore Sun and for $44.4 million. Ferro be- Asource said Tribune’s came nonexecutive chair- board is “taking the offer other newspapers man of Tribune Publishing’s seriously” but feels Gannett, Tribune Newspapers board, and a few weeks later, by making the offer public, is CEO Jack Griffin was out rushing the process and not Newspaper publisher and Ferro associate Justin behaving in a manner consis- Gannett announced Monday Dearborn was named CEO. tent with how Gannett ac- an offer to buy Tribune In a Monday letter to quired Journal Media Publishing for $815 million, Dearborn released by Gan- Group, publisher of the Mil- including the assumption of nett, the company said Trib- waukee Journal Sentinel and $390 million in debt, in a deal une was trying to “delay other papers. that would give the owner of constructive engagement” Also, the $12.25 per share USA Today control of the Los and noted the all-cash value offer is “well below” what Angeles Times, the Chicago of the transaction meant it Tribune Publishing was Tribune, The Baltimore Sun, could be completed quickly. trading at a year ago and “the The Capital and other news- Tribune Publishing ac- new management team has papers. knowledged the offer Mon- not had time to really put The unsolicited, all-cash day shortly after Gannett’s their strategy into effect,” the offer, which translates to announcement, saying it re- source said. $12.25 a share, represents a PAUL J. RICHARDS/GETTY-AFP ceived the proposal April 12 However, it would net 63 percent premium over Gannett looks to add to its extensive newspaper portfolio, led by flagship USA Today. and told Gannett that the Ferro’s Merrick Media a tidy Friday’s $7.52-a-share clos- board would retain advisers profit of $19.6 million on the ing price, as well as a pre- launched to unite USA Today Tribune owns news- three months after Michael to help it evaluate the pro- February investment of mium over the $8.50 share with its more than 100 daily papers including the Allen- Ferro, who had been major- posal. “The board is commit- $44.4 million, or $8.50 a price at which Tribune re- newspapers. The network town Morning Call; Hartford ity owner of the Chicago ted to acting in the best share. Shares in Tribune cently issued common allows the company to share Courant; Newport News, Va., Sun-Times, became the larg- interests of shareholders and Publishing closed up 53 per- shares, Gannett said. stories more easily between Daily Press; Orlando Sentinel; est shareholder of Chicago- will respond to Gannett as cent Monday at $11.50. Gannett wants Tribune so USA Today and papers in- and the South Florida Sun based Tribune Publishing by quickly as feasible,” Tribune that it can grow its USA cluding the Detroit Free Press Sentinel. acquiring through his in- Publishing said in a state- Associated Press contributed Today Network, an effort it and The Des Moines Register. The offer comes less than vestment firm, Merrick Me- ment. It also noted the pro- to this story. Feds OK Charter-Time Warner Cable deal By Tali Arbel subject to court approval on net provider, after Comcast. and without a ban, a bigger Associated Press the conditions, while Fed- The new Charter will be No. company could make online eral Communications Com- 3in video, trailing Comcast services less competitive. NEW YORK — Federal mission Chairman Tom and AT&T, which bought Meanwhile, the FCC is regulators will impose sev- Wheeler circulated a draft DirecTV last year. expected to prohibit Char- eral conditions meant to order to OK the combina- To preserve competition ter from charging consum- protect online video serv- tion. That leaves Califor- from online services, the ers more for using more ices as they back Charter nia’s utility regulator, whose Justice Department is for- data, the way wireless and Communications’ bid to approval is expected in May. bidding Charter from re- some home services are buy Time Warner Cable and Buying Time Warner Ca- stricting what media com- priced. Video is one of the create the country’s second- ble and Bright House Net- panies make available on- biggest consumers of data, largest home Internet pro- works will turn Charter line. The government says and caps or usage-based JEFF ROBERSON/AP vider. Communications, a midsize Time Warner has been ag- prices could make consum- Charter Communications is poised to become the coun- The Justice Department cable company, into the gressive at imposing such ers reluctant to watch on- try’s No. 2 home Internet provider, after Comcast. approved the deal Monday, country’s No. 2 home Inter- restrictions in contracts, line video. BUSINESS BRIEFS Market report By Associated Press MONDAY’S MARKET REPORT U.S. stocks slipped during a quiet day of trad- in late-day trading. About a third of the com- ing Monday as energy companies dropped panies in the S&P500 will report their earn- with the price of oil and metals and chemicals ings this week. Wall Street isn’t feeling opti- companies fell. Stocks were sharply lower mistic, with analysts expecting earnings to be most of the day, but made a partial recovery down 8 percent from a year earlier. Perrigo PRGO First Data FDC Xerox XRX Close: $99.40 -21.95 or -18.1% Close: $13.34 0.34 or 2.6% Close: $9.68 -1.49 or -13.3% The Irish drugmaker cut its profit The electronic commerce and pay- Xerox cut its profit estimate for the forecast because of weak prices in ment services provider reported a year after rising costs caused its Europe, and its CEO left the compa- larger profit than expected but reve- first-quarter earnings to drop 85 per- ny. nue disappointed. cent. $200 $14 $12 150 12 10 100 10 50 8 8 FMA FMA FMA 52-week range 52-week range 52-week range $98.81 $205.72 $8.37 $17.99 $8.48 $12.23 Vol.: 30.0m (12.5x avg.) PE: 21.0 Vol.: 11.9m (2.8x avg.) PE: ... Vol.: 35.3m (4.3x avg.) PE: 19.8 Mkt. Cap: $14.54 b Yield: 0.6% Mkt. Cap: $2.43 b Yield: ... Mkt. Cap: $9.81 b Yield: 3.2% FILE PHOTO Dow High: 17,990.94 Low: 17,855.55 Previous: 18,003.75 When it opened in 2007, the Big Vanilla Athletic Club in Pasadena became the largest gym in the county. It has now been bought by the Y in Central Maryland. Dow Jones industrials 18,200 Close: 17,977.24 17,860 Yof Maryland to buy areas as possible,” he said in a statement. Change: -26.51 (-0.1%) Big Vanilla Athletic Clubs opened in Big Vanilla in Pasadena 1977 in Arnold as a tennis and racquetball 17,520 10 DAYS club. 18,400 The Y in Central Maryland will pur- chase the Big Vanilla Athletic Club in 17,600 Pasadena next month, creating a second Northrop Grumman to location in Anne Arundel County. share research project The Y, which bought the Big Vanilla’s 16,800 location in Arnold in 2013, said it will take Northrop Grumman in Linthicum is over the 80,000-square-foot club and one of 12 companies that will work on an convert it to the Y in Pasadena. The $800 million contract to develop a new 16,000 agreement calls for a 30-day transition generation of electromagnetic weapons, period, with the Y taking full ownership radar and communication systems. 15,200 and management effective May 23. The Electromagnetic Maneuver War- OANDJF M John Hoey, president and CEO of the Y fare Command and Control program is in Central Maryland, said most member- intended to create and demonstrate Nasdaq S&P 500 Russell 2000 ship fees will be reduced and additional prototypes that use radio frequency-based programs will be added over time. There weapons systems, radar, communications d -10.44 (-.21%) d -3.79 (-.18%) d -8.59 (-.75%) are no plans to change the staff. and information operations into a com- Terms of the sale were not released, but mon set of multifunction systems. Close 4,895.79 Close 2,087.79 Close 1,138.10 Hoey said the Y is buying the club. The prototypes will be capable of “The Y and Big Vanilla share many of producing multiple, simultaneous, inde- High 4,904.87 High 2,089.37 High 1,146.25 the same values. This was a great pendent beams that can together perform Low 4,878.37 Low 2,077.52 Low 1,134.85 opportunity to once again join forces with any of the above functions. Work is an organization that is community-centric expected to be completed in 2021. Previous 4,906.23 Previous 2,091.58 Previous 1,146.69 and will continue to support families in The contract was awarded by the Office LOCAL STOCKS the area,” said Larry Ray, majority owner of Naval Research in Arlington, Virginia. and managing member of Big Vanilla. Exchange key: N=NYSE, O=NASDAQ Ray and his partners will retain own- STOCK XCHG. CLOSE CHG. STOCK XCHG. CLOSE CHG. STOCK XCHG. CLOSE CHG. ership of the building at 26 Magothy People on the move Adams Divers Eqty N 12.76 -.05 General Motors Co N 31.95 -.23 PNC Financial N 87.71 -.38 Adams Nat Rescs Fd N 19.01 -.24 Glen Burnie Bancorp O 10.90 unch.
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