* Takes one to know one, I suppose…
Tribune Publishing said Tuesday in a letter that USA Today owner Gannett was “erratic” and “unreliable” as the two newspaper companies tried to discuss a possible tie-up.
Gannett, which is based in McLean, Virginia, said it offered $12.25 in cash for each Tribune share. That’s a 63 percent premium to Tribune’s Friday closing price of $7.52. Gannett valued the total deal at about $815 million, which includes about $390 million of debt.
Gannett said Monday that it wants to buy Chicago-based Tribune to expand its USA Today Network, an effort launched late last year that helps it share stories between national paper USA Today and its more than 100 local daily newspapers.
I wouldn’t be too happy if I owned Tribune stock, I gotta say. But, I don’t, so whatevs.
* The Question: Your thoughts on a national company buying up the Tribune?