A Maryland hotel executive dropped out of a bid for a newspaper chain after his partner, a Swiss billionaire, is trying to collect new financing for a $ 680 million offer to buy the Tribune publication.
On Sunday, a person familiar with the matter said that Stewart Bannum has been talking to other potential investors since the exit of Hansjorg Vice in the last few days.
Wyss told Bynum that much of the investment would be needed to turn the Chicago Tribune, the head of the series, into a nationwide publication, according to the person, who negotiated anonymously because they were not authorized to discuss private negotiations.
Wyss and Bainum offered to buy the chain by hedge fund Alden Global Capital for $ 17.50 per share, $ 17.25 per share, or $ 634 million, by the Tribune’s largest shareholder, the Tribune’s largest shareholder. Bynum told Tribune representatives about Wyss’s return on Friday, and he authorized them to talk to other potential investors, according to a person familiar with the case.
Bynum was initially interested in purchasing the Baltimore Sun, one of the Tribune’s papers, but is committed to acquiring the entire company. Two investors have expressed interest in buying the Tribune’s Orlando (Florida) Sentinel: Thomson’s former financial CEO Mason Saline and Craig Mater, who founded an Orlando-based baggage-handling company.
Through a spokesperson, the Tribune Publications Board’s special committee that is handling the proposals declined to comment. Attempts to contact Vice through his foundation were not successful.
The Tribune also owns the New York Daily News, the Hartford (Connecticut) Court and other newspapers.
Alden owns several newspapers through its Midianesh Group subsidiary, including the Boston Herald, Denver Post and San Jose Mercury News. Became aldon The largest shareholder of Tribune Publishing In 2019 and now has a 32 percent stake in the Chicago-based company. It is planned to take the Tribune private.
The 85-year-old Wyss founded medical device manufacturer Synthes USA, which he sold to Johnson & Johnson in 2012 for about $ 20 billion in cash and stock. Forbes recently valued its assets at $ 6 billion.. The Wyss now live in Wyoming.
Wyss’s return was previously reported by the Chicago Tribune.
Leave a Reply