Tribune Publishing Company Announces Designation of Special Committee of its Board of Directors

Rhea-AI Summary

Tribune Publishing Company (NASDAQ:TPCO) has formed a special committee of its Board of Directors to review the acquisition proposal from Alden Global Capital, submitted on December 14, 2020. This committee, comprising three independent members, has retained Lazard as its financial advisor and Davis Polk & Wardwell LLP for legal counsel. No assurances are given regarding the finalization of Alden's proposal or any other transaction. The Company will only update the market if significant developments arise from the committee's deliberations.

Positive

• Formation of a special committee to evaluate acquisition, potentially leading to strategic business alignment.
• Engagement of reputable advisors, Lazard and Davis Polk & Wardwell LLP, indicating thorough evaluation of the proposal.

Negative

• No assurance that the acquisition proposal will be accepted, suggesting uncertainty in future direction.
• The lack of immediate transparency regarding developments may lead to speculation and volatility in stock performance.

CHICAGO, Dec. 31, 2020 (GLOBE NEWSWIRE) -- Tribune Publishing Company (NASDAQ:TPCO) today announced that it has designated a special committee of its Board of Directors to act on behalf of the Company in respect of the acquisition proposal made by Alden Global Capital on December 14, 2020. The special committee consists of three independent members of the Board of Directors. The special committee has engaged Lazard as its financial advisor and Davis Polk & and Wardwell LLP as its legal counsel.

No assurance can be given that Alden’s proposal, or any other transaction, will be consummated. The Company does not intend to disclose developments regarding these matters unless and until the special committee its Board of Directors determines there is a need to update the market.

About Tribune Publishing Company
Tribune Publishing Company (NASDAQ: TPCO) is a media company rooted in award-winning journalism. Headquartered in Chicago, Tribune Publishing operates local media businesses in eight markets with titles including the Chicago Tribune, New York Daily News, The Baltimore Sun, Hartford Courant, South Florida's Sun Sentinel and Orlando Sentinel, Virginia’s Daily Press and The Virginian-Pilot, and The Morning Call of Lehigh Valley, Pennsylvania. In addition to award-winning local media businesses, Tribune Publishing operates Tribune Content Agency and TheDailyMeal.com.

Our brands are committed to informing, inspiring and engaging local communities. We create and distribute content across our media portfolio and offer integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities.

Investor Relations Contact:
Amy Bullis
312.222.2102
abullis@tribpub.com

Media Contact:
Max Reinsdorf
847.867.6294
mreinsdorf@tribpub.com

Source: Tribune Publishing

 

FAQ

What is the purpose of the special committee formed by Tribune Publishing Company?

The special committee is designated to evaluate the acquisition proposal made by Alden Global Capital.

Who is advising the special committee in the acquisition proposal review?

The committee has engaged Lazard as its financial advisor and Davis Polk & Wardwell LLP as legal counsel.

When was the acquisition proposal from Alden Global Capital submitted?

The acquisition proposal was submitted on December 14, 2020.

Will Tribune Publishing provide updates on the acquisition discussions?

The Company does not intend to disclose updates until the committee determines that market communication is necessary.

What is the stock symbol for Tribune Publishing Company?

The stock symbol for Tribune Publishing Company is TPCO.