![]() Oaktree Capital Management, the Los-Angeles based investment firm that was once Tronc’s largest shareholder, sells its remaining 3.74 million shares back to the publishing company in a deal valued at more than $56 million. In multiple transactions during six weeks, Michael Ferro and Patrick Soon-Shiong acquire nearly 2 million shares combined of Tronc’s stock at a steep discount to Gannett’s last offer for the company, according to the Securities and Exchange Commission filings. Gannett announces it is ending discussions to acquire Tronc. Los Angeles-based developer CIM Group announces the $240 million purchase of Tribune Tower from Tribune Media, with plans to transform the historic North Michigan Avenue property into a mixed-use redevelopment. The Tribune Tower on Michigan Avenue was built in 1925. Tribune Publishing and Gannett meet in Chicago but no progress is made. The publisher of the Chicago Tribune, the Los Angeles Times and other papers says the plan - commonly known as a “poison pill” - will kick in if a group buys more than 20 percent of Tribune Publishing’s shares or begins a tender offer to seek a 20 percent stake from existing shareholders. Tribune Publishing’s board adopts a shareholder rights plan to defend itself against Gannett’s unsolicited bid to buy the Chicago-based newspaper company. ![]() It is the first public statement from Oaktree, which owns 14.8 percent of Tribune Publishing, since Gannett’s unsolicited $815 million offer. The Los Angeles-based investment firm says Tribune Publishing should “pursue discussions with Gannett to see if an acceptable agreement can be reached,” according to a filing with the Securities and Exchange Commission. Oaktree Capital Management - Tribune Publishing’s second-largest shareholder - says it wants the company to meet with Gannett about the possible sale of the Chicago-based newspaper company. We’ll always listen to everybody but we’re not for sale.” - Michael Ferro, largest shareholder in Tribune Publishing In an interview, Ferro says Chicago-based Tribune Publishing’s newly outlined plans for leveraging the digital assets of the company will bring more value to shareholders than Gannett’s offer. Tribune Publishing’s board votes unanimously to reject Gannett’s $815 million unsolicited offer to buy the Chicago-based owner of the Chicago Tribune, Los Angeles Times and other major newspapers. Tribune Publishing acknowledges the offer shortly after Gannett’s announcement, saying it received the proposal April 12, and tells Gannett that the board will retain advisers to help it evaluate the proposal. In a letter to Justin Dearborn released by Gannett, the company says it is “disappointed” by the response and Tribune is trying to “delay constructive engagement” and notes the all-cash value of the transaction means it could be completed quickly. Gannett announces an offer to buy Tribune Publishing for $815 million, including the assumption of $390 million in debt.
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