Gannett bids for Tribune
Posted by Allie Judson on November 13, 2006 at 4:23 PM
Publishing giant Gannett has submitted a bid for it’s long-term rival the Tribune Co. After submitting the bid, Gannett executives attended presentations on the Tribune Co.’s most well know assets, the Los Angeles Times and the Chicago Tribune.
The Tribune Co., with a net worth of about eight billion dollars, is looking to sell the company as a whole to avoid the taxes connected to breaking up the assets. Other bids have been received from private equity firms and wealthy investors.
Gannett has already bought some of the Tribune’s companies earlier this year when the Tribune had “non-core” parts of their company up for sale.
Others have put in bids for specific assets of the company but the Tribune Co. is unsure how to move ahead because of the specific taxes on different pieces of the company.
Source:Paid Content, The Wall Street Journal, Reuters
Gannett has already bought some of the Tribune’s companies earlier this year when the Tribune had “non-core” parts of their company up for sale.
Others have put in bids for specific assets of the company but the Tribune Co. is unsure how to move ahead because of the specific taxes on different pieces of the company.
Source:Paid Content, The Wall Street Journal, Reuters
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BILLION, not million.