Maryland hotel magnate Stewart W. Bainum Jr. has made moves toward bidding for all of Tribune Publishing, said three people with knowledge of the matter, The New York Times reported.
That throws into question the deal that Alden Global Capital, the largest Tribune Publishing shareholder with 32 percent, had struck to buy the chain.
In mid-February, Alden had reached an agreement to purchase the rest of the chain in a deal that valued the company at $630 million. Alden would have broken off and sold the Tribune-owned Baltimore Sun and two other Maryland papers at $65 million to a nonprofit run by Bainum.
Bainum has asked the Tribune Publishing special committee, consisting of three independent board members, for permission to be released from a nondisclosure agreement concerning the deal, says the Times. He would then be able to look for other partners for a bid, says the Times.
No comments:
Post a Comment
For now, we're opening this blog to Anonymous comments. This will continue as long as civility rules. Disagree as you may, just keep it clean and stay on topic. No profanity, and no name calling. We reserve the right to moderate such comments, though the person who made it may come back and reword their message in a more civil way.