Thursday, February 04, 2016

Tribune Publishing Company Announces $44.4 Million Private Placement Transaction

Michael W. Ferro, Jr. Appointed Non-Executive Chairman Of Tribune Publishing Board Of Directors


            Investment to support Tribune Publishing’s ongoing strategic plan, including        acquisitions and digital initiatives

Board of Directors appoints Michael W. Ferro, Jr. as Director and Non-Executive Chairman of the Board of Directors

Eddy W. Hartenstein, former Non-Executive Chairman, remains on the Tribune Publishing Board of Directors

Company provides financial updates

Preliminary 2015 Company Revenues expected to be in a range of $1.66 billion to $1.67 billion

Full-year preliminary 2015 Adjusted EBITDA expected to be $154 million to $157 million

Company ended fiscal year 2015 with $41 million of cash

         Board of Directors suspends quarterly cash dividend

Tribune Publishing Company (TPUB) today announced it has completed a $44.4 million private placement transaction with Merrick Media, LLC that will enhance the Company’s position for pursuing strategic acquisitions and digital initiatives. Michael W. Ferro, Jr., Chairman and CEO of Merrick Media, joins the Tribune Publishing Board of Directors as Non-Executive Chairman.
Eddy W. Hartenstein, who has served as Non-Executive Chairman of Tribune Publishing since its spin-off from Tribune Media Company in August 2014, remains on the Tribune Publishing Board of Directors.
Commenting on the $44.4 million private placement transaction, Tribune Publishing Chief Executive Officer Jack Griffin said, “This transaction supports key elements of our ongoing strategic plan and provides our Company with additional capital to accelerate our growth strategies. We continue to evaluate growth opportunities where we can achieve measurable, value-enhancing synergies that drive financial contribution and maximize shareholder value.”
Eddy Hartenstein commented, “We are pleased to have Michael Ferro join our Board. He is a proven value creator, and his strong entrepreneurial business acumen enhances our ability to execute our strategic plan and grow the Company.”
Michael Ferro said, “I am excited to be working with the Company’s award-winning brands. I see tremendous upside to create value and put Tribune Publishing at the forefront of technology and content to benefit journalists and shareholders.”
Entire article

No comments: