Deal between Gannett Co. and Tribune Co. falls through
The deal between Gannett Co. and Tribune Co., which would have had Gannett purchase the Advocate and Greenwich Time newspapers from Tribune Co. for $73 million, has fallen through due to Gannett’s refusal to assume a contract between Tribune and the United Automobile, Aerospace, and Agricultural Implement Workers of America.
This comes after the ruling of an arbitrator that stated Tribune could not sell the newspapers unless Gannett would honor the pact, which expires in September 2008.
Durham Monsma, publisher of the Advocate and Greenwich Time told his employees: "It remains Tribune's intent to sell us, as we are the smallest of Tribune's newspapers and don't fit the company's strategy. Until a buyer is identified and a sale is complete, we will continue to operate as efficiently as we can."
Source: The Advocate
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