Tribune Publishing looks to buy more newspapers

SHARE Tribune Publishing looks to buy more newspapers

Tribune Publishing Co. plans to come out of the gate as a buyer, not a seller, of newspapers.

The company, set to be spun off from Tribune Co. on Aug. 4, sees opportunity in snapping up smaller papers near its bigger, established papers. Tribune Publishing will launch with eight large papers, including the Chicago Tribune and Los Angeles Times, and a slew of smaller and specialty publications. Earlier this year, Tribune bought two papers — the Annapolis Capital and Carroll County Times — to add to its Baltimore market.

We think there are more of these opportunities around the country that are geographically adjacent to where we run big papers and big brands, and that over time we can achieve similar kinds of consolidation and acquisition opportunities that are going to add meaningfully to our footprint and our revenue and our profit, Tribune Publishing CEO Jack Griffin told Crain’s Chicago Business.

Adding smaller papers near existing publications also expands the company’s base for rolling out digital products, Griffin said.

Tribune Publishing will be saddled with about $350 million in debt, most of it going to pay a special dividend to Tribune Co. The newspaper company also will pay rent to the renamed Tribune Media Co. after the split. Tribune Media is retaining the company’s television and radio outlets as well as its real estate holdings.

The company could debut with a market value of $635 million on Aug. 5 when its shares are expected to begin trading on the New York Stock Exchange under the symbol “TPUB.” A CRT Capital Group analyst wrote that he expects shares to trade from between $22 and $28 each.


Tribune Publishing could be worth $635 million: analyst

Tribune Publishing spinoff set for Aug. 4

Tribune Co. picks new name ahead of spinoff

The Latest
Bet on it: Following in the footsteps of her father and grandfather, she has become a handicapper to watch
Council members made a forward-thinking move by approving bonds to create apartments in four LaSalle Street corridor buildings. We urge the council to move forward on a plan to bring back coach houses and other accessory dwelling units.
The Greater Chicago Sudanese American Association was started to help underprivileged communities in Sudan and Sudanese refugees in the United States. The nonprofit’s immediate goal, however, is to feed the hungry amid the African nation’s latest conflict.
Keith Zerbian writes that he used to enjoy going out in Boystown not for the drinks but for the camaraderie, which would often end with a late-night coffee. He talks about what it’s like to get a coffee today as a gay man at his suburban Dunkin’ Donuts.
She’s not just a friend, she’s also a business associate, and she keeps spilling details about her involvement with a married man.