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
Madrigal was slotted into the leadoff spot for the Cubs’ game Sunday against the Marlins.
Robert Heinzen died a day before the celebration his family rushed to finalize. They decided to go ahead with the performance as a memorial Mass.
Archaeology activity in the sprawling site, near modern-day Naples, has increasingly focused on the lives of the middle class as well as of servants and other enslaved people.
Her car came to a stop inside the two-story house and started a fire that took nearly 60 firefighters more than an hour to douse, the Los Angeles Fire Department said.
White Sox recall infielder Lenyn Sosa from Charlotte, option left-hander Tanner Banks