Tribune Publishing#Newspapers

Tribune Publishing's history dates back to 1847, when the Chicago Tribune (for which the company and its former parent, Tribune Media, are named) published its first edition on June 10 of that year, in a one-room plant at LaSalle and Lake Streets in Chicago.{{cite web|title=Tribune Company|url=http://www.answers.com/topic/tribune-company|work=Answers.com (International Directory of Company Histories)|publisher=The Gale Group, Inc.|date=2006|access-date=August 22, 2013}} The Tribune constructed its first building, a four-story structure at Dearborn and Madison streets, in 1869; however the building was destroyed, along with most of the city, by the Great Chicago Fire in October 1871. The Tribune resumed printing two days later with an editorial declaring "Chicago Shall Rise Again". The newspaper's editor and part-owner, Joseph Medill, was elected mayor and led the city's reconstruction. A native Ohioan who first acquired an interest in the Tribune in 1855, Medill gained full control of the newspaper in 1874 and ran it until his death in 1899.

Medill's two grandsons, cousins Robert R. McCormick and Joseph Medill Patterson, assumed leadership of the company in 1911. That same year, the Chicago Tribune{{'}}s first newsprint mill opened in Thorold, Ontario, Canada. The mill marked the beginnings of the Canadian newsprint producer later known as QUNO, in which Tribune held an investment interest until 1995. The Chicago Tribune-New York News Syndicate was formed in 1918, leading to Joseph Patterson's establishment of the company's second newspaper, the New York Daily News on June 26, 1919. Tribune's ownership of the New York City tabloid was considered "interlocking" due to an agreement between McCormick and Patterson.

The company acquired the Fort Lauderdale-based Sun-Sentinel newspaper in 1963; this was later followed by its purchase of the Orlando Sentinel in 1965. In 1973, the company began sharing stories among 25 subscriber newspapers via the newly formed news service, the Knight News Wire. By 1990, this service was known as Knight-Ridder/Tribune and provided graphics, photo, and news content to its member newspapers. KRT became McClatchy-Tribune Information Services, which is owned by the Tribune Company and McClatchy, when The McClatchy Company purchased Knight-Ridder Inc. in 2006. Tribune later acquired the Newport News, Virginia-based Daily Press in 1986. In the wake of a dispute with some of its labor unions, the New York Daily News was sold to British businessman Robert Maxwell in 1991.

In June 2000, Tribune acquired the Los Angeles-based Times Mirror Company in a merger deal worth $8.3 billion, which was the largest acquisition in the history of the newspaper industry.{{cite news | title=Tribune called on to sell L.A. Times | url=https://money.cnn.com/2006/09/18/news/companies/latimes/index.htm|access-date=July 20, 2012|work=CNN Money | date=September 18, 2006 | archive-date = October 29, 2013 | archive-url = https://web.archive.org/web/20131029214102/http://money.cnn.com/2006/09/18/news/companies/latimes/index.htm | url-status = live }} The merger added seven daily newspapers to Tribune's portfolio, including the Los Angeles Times, the Long Island-based Newsday, The Baltimore Sun, and the Hartford Courant. Tribune Media Net, the national advertising sales organization of Tribune Publishing, was established in 2000 to take advantage of the company's expanded scale and scope.

Later in the decade, Tribune launched daily newspapers targeting urban commuters, including the Chicago Tribune{{'s}} RedEye edition in 2002, followed by an investment in AM New York one year later. In 2006, Tribune acquired the minority equity interest in AM New York, giving it full ownership of the newspaper. The company sold both Newsday and AM New York to Cablevision Systems Corporation in 2008, with the sale of the latter paper closing on July 29 of that year.{{cite press release | title = Cablevision Completes Newsday Buy from Tribune. | work = Broadcasting and Cable | date = April 28, 2008 | access-date = December 21, 2007 | url = http://www.broadcastingcable.com/article/CA6582623.html | quote = Tribune Completes Acquisition of Real Estate from TMCT Partnership. | archive-date = May 20, 2011 | archive-url = https://web.archive.org/web/20110520083026/http://www.broadcastingcable.com/article/114799-Cablevision_Completes_Newsday_Buy_from_Tribune.php | url-status = live }}

On April 2, 2007, Chicago-based investor Sam Zell announced plans to buy out the Tribune Company for $34.00 a share, totaling $8.2 billion, with intentions to take the company private. The deal was approved by 97% of the company's shareholders on August 21, 2007.{{cite news | author = Desiree J. Hanford | title = Tribune Shareholders Back Zell's Takeover | url = https://www.nytimes.com/2007/08/22/business/media/22tribune.html | work = The New York Times | date = August 21, 2007 | access-date = December 21, 2007 | quote = At a special shareholder meeting held in the building that The Chicago Tribune calls home, the deal won support from 97 percent of votes cast...}} Privatization of the Tribune Company occurred on December 20, 2007, with Tribune's stock listing being terminated at the close of the trading day.{{cite news | author = Dave Carpenter | agency = Associated Press | title = Tribune buyout, at $8.2 billion, closes in Chicago | url = http://www.delawareonline.com/apps/pbcs.dll/article?AID=/20071221/BUSINESS/712210329/1003/NLETTER01 | work = The News Journal | location = Wilmington, DE | date = December 21, 2007 | access-date = December 21, 2007 | quote = Tribune Co.'s $8.2 billion buyout closed Thursday [December 20, 2007] after an 8½-month wait to secure final approval and financing, taking the ailing newspaper and TV company private under the control of real estate billionaire Sam Zell. At closing, former Clear Channel CEO Randy Michaels was named CEO of Interactive and Broadcasting. Michaels also oversees most of the Tribune papers. | archive-url = https://web.archive.org/web/20071223090732/http://www.delawareonline.com/apps/pbcs.dll/article?AID=%2F20071221%2FBUSINESS%2F712210329%2F1003%2FNLETTER01 | archive-date = December 23, 2007 | url-status = dead }}

On December 8, 2008, faced with a high debt load totaling $13 billion, related to the company's leveraged buyout and subsequent privatization, and a sharp downturn in newspaper advertising revenue, Tribune filed for Chapter 11 bankruptcy protection in what was the largest bankruptcy in the history of the American media industry.{{cite news |author=David Carr |author-link=David Carr (journalist) | title=At Flagging Tribune, Tales of a Bankrupt Culture |url=https://www.nytimes.com/2010/10/06/business/media/06tribune.html | quote=Less than a year after Mr. Zell bought the company, it tipped into bankruptcy, listing $7.6 billion in assets against a debt of $13 billion, making it the largest bankruptcy in the history of the American media industry. |work=The New York Times |date=October 5, 2010 |access-date=October 6, 2010 | archive-date = August 5, 2014 | archive-url = https://web.archive.org/web/20140805081814/http://www.nytimes.com/2010/10/06/business/media/06tribune.html | url-status = live }}[http://www.chicagobreakingnews.com/2008/12/tribune-files-for-bankruptcy.html Tribune files for bankruptcy]. Chicago Breaking News. Retrieved December 8, 2008. Company plans called for it to emerge from bankruptcy by May 31, 2010, but the company would end up in protracted bankruptcy proceedings for four years.

On July 13, 2012, the Tribune Company received approval of a reorganization plan to allow the company to emerge from Chapter 11 bankruptcy protection in a Delaware bankruptcy court. Oaktree Capital Management, JPMorgan Chase and Angelo, Gordon & Co., which were the company's senior debt holders, assumed control of Tribune's properties upon the company's exit from bankruptcy on December 31, 2012.{{cite news|title=Bankruptcy-Exit Plan Gets OK|url=http://www.tvnewscheck.com/article/60776/tribune-bankruptcyexit-plan-gets-ok|work=TVNewsCheck (via the Associated Press)|date=July 13, 2012}}{{cite news|last=Channick|first=Robert|title=Tribune Co. to emerge from bankruptcy Monday|url=http://www.chicagotribune.com/news/local/breaking/chi-a-new-era-dawning-for-tribune-co-20121230,0,2026865.story|access-date=December 31, 2012|newspaper=Chicago Tribune|date=December 30, 2012}}

On February 26, 2013, Tribune reportedly hired investment firms Evercore Partners and J.P. Morgan & Co. to oversee the sale of its newspapers.{{Cite news|url=http://www.bizjournals.com/baltimore/news/2013/02/26/baltimore-sun-owner-tribune-to-begin.html|title=Baltimore Sun owner Tribune to begin selling newspaper assets, report says|first=Sarah|last=Meehan|work=Baltimore Business Journal|date=February 26, 2013|access-date=February 26, 2013}} On July 10, 2013, Tribune announced that it would split into two companies, spinning off its publishing division into the Tribune Publishing Company. Its broadcasting, digital media and other assets (including GraceNote) would remain with the Tribune Company.{{cite news|title=Tribune Co. to Split in Two|url=https://www.nytimes.com/2013/07/11/business/media/tribune-co-to-split-in-two.html?_r=0|work=The New York Times| date=July 10, 2013 |access-date=July 10, 2013 | last1=Haughney | first1=Christine | last2=Carr | first2=David }} On November 20, 2013, Tribune announced it would cut 700 jobs from its newspaper properties due to declining advertising revenues.{{cite news | url=https://www.forbes.com/sites/afontevecchia/2013/11/20/tribune-co-cutting-700-newspaper-jobs-amid-dropping-advertising-revenues/ | title=Tribune Co. Cutting 700 Newspaper Jobs Amid Dropping Advertising Revenues | work=Forbes | access-date=November 20, 2013}}

On June 17, 2014, in a presentation for lenders, Tribune revealed that it had set August 4 as the target date for its spin-off of Tribune Publishing.{{cite web|last1=Channick|first1=Robert|title=Tribune Publishing targets Aug. 4 for spinoff|url=http://www.chicagotribune.com/business/breaking/chi-tribune-spinoff-date-aug-4-20140623,0,7630843.story|website=chicagotribune.com|publisher=Chicago Tribune|access-date=June 23, 2014}} The split was finalized on the target date, with the publishing arm being spun out as Tribune Publishing Company, and its former parent company being renamed Tribune Media.{{cite web|title=Tribune Co. completes split of print, broadcasting businesses, following trend|url=http://www.bizjournals.com/milwaukee/news/2014/08/04/tribune-co-completes-split-of-print-broadcasting.html|website=Milwaukee Business Journal|access-date=August 16, 2014}}{{cite web|last1=Channick|first1=Robert|title=Tribune Publishing targets Aug. 4 for spinoff|url=http://www.chicagotribune.com/business/breaking/chi-tribune-spinoff-date-aug-4-20140623,0,7630843.story|website=Chicago Tribune|publisher=Tribune Publishing|access-date=June 23, 2014}}{{cite magazine|last1=Marek|first1=Lynne|title=Revealed: Tribune Co.'s new name|url=http://www.chicagobusiness.com/article/20140709/NEWS06/140709846/revealed-tribune-co-s-new-name|magazine=Crain's Chicago Business|access-date=July 9, 2014}}

Tribune Publishing acquired six suburban daily and 32 weekly newspapers in the Chicago Metropolitan Area in October 2014. These acquisitions were similar in strategy to earlier acquisitions in the state of Maryland, expanding its footprint in its eight "core markets".{{cite news | url=http://www.chicagotribune.com/business/breaking/ct-tribune-sun-times-papers-1101-biz-20141030-story.html#page=1 | title=Tribune Publishing completes purchase of Sun-Times suburban properties | work=Chicago Tribune | date=October 31, 2015 | access-date=July 19, 2015 | author=Channick, Robert}}

On May 7, 2015, Tribune Publishing announced that it had reached a deal to acquire the San Diego Union-Tribune and its associated properties for $85 million, ending the paper's 146 years of private ownership. Following the completion of the acquisition, the Union-Tribune and the Los Angeles Times became part of a new operating entity known as the California News Group, led by Times publisher and CEO Timothy E. Ryan. The two California papers retained distinct operations, but sought a synergy with content sharing between them.{{cite news|title=$85M deal to combine U-T, LA Times|url=http://www.utsandiego.com/news/2015/may/07/tribune-buys-sandiego-newspaper/|access-date=May 8, 2015}}{{cite news|title=L.A. Times parent to buy San Diego paper, expanding reach in Southern California|url=https://www.latimes.com/business/la-me-newspaper-sale-20150507-story.html#page=1|access-date=May 8, 2015|work=Los Angeles Times}}

In April 2016, Gannett Company (which, much like Tribune, had spun out its broadcasting properties into a separate firm to focus on publishing assets) made an unsolicited bid to acquire Tribune Publishing for $12.25 per-share, or around $400 million. This deal was rejected by Tribune's shareholders in May 2016; in turn, Gannett increased its offer to around $15 per-share (around $800 million). On May 17, 2016, Tribune chairman Michael Ferro stated that he intended to make a bid to acquire Gannett instead.{{cite web|title=Gannett and Tribune Publishing execs trade barbs as takeover battle heats up|url=https://www.latimes.com/business/la-fi-gannett-tpub-20160520-snap-story.html|website=Los Angeles Times|date=May 20, 2016|access-date=May 20, 2016}}{{cite web|title=Tribune Publishing shares surge after Gannett launches takeover bid|url=https://www.latimes.com/business/la-fi-gannett-offer-tribune-publishing-20160425-story.html|website=Los Angeles Times|date=April 25, 2016|access-date=May 20, 2016}}{{cite web|last1=Doctor|first1=Ken|title=Tribune chair: Sell to Gannett? We'll buy Gannett!|url=http://www.capitalnewyork.com/article/media/2016/05/8599610/tribune-chair-sell-gannett-well-buy-gannett|website=Politico|access-date=May 20, 2016}}

On November 1, 2016, Gannett announced that it would no longer pursue its acquisition of Tronc.{{cite web|title=Gannett Ends Talks to Acquire Los Angeles Times Owner|url=https://www.hollywoodreporter.com/news/gannett-ends-talks-to-acquire-los-angeles-times-owner-tronc-934571|website=The Hollywood Reporter|date=November 2016|access-date=November 1, 2016}}

On June 2, 2016, the company announced that it would rebrand itself as tronc, short for "Tribune online content".{{cite press release |date=June 2, 2016 |title=Tribune Publishing Announces Corporate Rebranding, Changes Name to tronc |url=http://investor.tribpub.com/investor-relations/press-releases/press-releases-details/2016/Tribune-Publishing-Announces-Corporate-Rebranding-Changes-Name-to-tronc/default.aspx |publisher=Tribune Publishing Company |access-date=June 2, 2016}} The rebranding took place on June 20, 2016. Tronc began trading on NASDAQ under the symbol TRNC.{{cite press release|url=http://www.businesswire.com/news/home/20160620005665/en/Tronc-Begins-Trading-Nasdaq-Joins-Leading-Tech|title=Tronc Begins Trading on Nasdaq, Joins Leading Tech Firms - Business Wire|date=June 20, 2016|access-date=August 12, 2016}} In June 2018, the Tribune Company announced that it would no longer be referred to as Tronc and would instead henceforth be called "Tribune Publishing".{{cite news |last1=Statt |first1=Nick |title=Tronc to change name back to Tribune Publishing after years of ridicule |url=https://www.theverge.com/2018/6/18/17476412/tronc-tribune-publishing-name-change-la-times-sale |access-date=April 5, 2021 |publisher=The Verge |date=June 18, 2018}}

At the time in 2016 that the company moved into calling itself tronc, chief technology officer Malcolm CasSelle and chief digital officer Anne Vasquez announced to employees initiatives in content optimization, machine learning, artificial intelligence, and increasing the amount of video to 50% of all content by 2017, in an effort to increase reader engagement and ad revenue.{{cite web|url=https://nymag.com/selectall/2016/06/heres-what-that-new-tronc-video-is-actually-saying.html|title=Here's What That New Tronc Video Is Actually Saying|date=June 20, 2016|access-date=August 12, 2016}} The company also introduced a new slogan, From Pixels to Pulitzers. The video announcement was derided in social and print media as full of buzzwords and lacking substance.{{cite web|url=https://techcrunch.com/2016/06/20/tronc-tronc-tronc-tronc-tronc-tronc-tronc-tronc-tronc/|title=A tronc is born|first=Devin|last=Coldewey|date=June 20, 2016 |access-date=August 12, 2016}}{{cite news|url=http://www.slate.com/blogs/moneybox/2016/06/20/tronc_s_introduction_video_is_a_horrifying_swarm_of_buzzwords.html|title=The Future of Journalism Is a Deadly Swarm of Buzzwords, According to Tronc|first=Jordan|last=Weissmann|newspaper=Slate Magazine|date=June 20, 2016|access-date=August 12, 2016|via=Slate}}{{cite web|url=http://www.poynter.org/2016/the-early-reviews-of-troncs-branding-videos-are-in-and-theyre-not-good/417785/|title=Early reviews of Tronc's branding video are in, and they're not good|date=June 20, 2016|access-date=August 12, 2016}} On August 7, 2016, while criticising several aspects of a corporate restructuring that went along with the rebranding (for instance a shift of focus away from hard news towards usage maximization, which he perceived as undue), satirist John Oliver mocked this new name as "the sound an ejaculating elephant makes", and (ironically) "the sound of a stack of newspapers hitting a dumpster."{{cite web|title=John Oliver Takes on Print Journalism Woes With Fake Trailer Featuring Jason Sudeikis, Rose Byrne, Bobby Cannavale|url=https://www.hollywoodreporter.com/news/john-oliver-journalism-segment-stoplight-918019|website=The Hollywood Reporter|date=August 8, 2016|access-date=March 14, 2017}} The Verge said, "Sounds like a Millennial falling down the stairs."{{cite news|url=https://thefinancialbrand.com/84686/truist-bank-rebranding-bbt-suntrust-truliant-financial-marketing/|title=Truist Bank: Colossal Rebranding Misstep? Or Long-Term Winner?|work=The Financial Brand|last=Streeter|first=Bill|date= June 18, 2019|access-date=July 25, 2019}}

On March 13, 2017, tronc announced that it would license Arc, the content management system of The Washington Post.{{cite news|title=Washington Post Licenses Publishing Technology to Tronc|url=https://www.wsj.com/articles/washington-post-licenses-publishing-technology-to-tronc-1489423276|website=The Wall Street Journal|date=March 13, 2017|access-date=March 14, 2017|last1=Marshall|first1=Jack}}

On September 4, 2017, tronc announced that it had acquired the New York Daily News. Having been established in 1919 by the Chicago Tribune-New York News Syndicate, the Daily News had been owned by the Tribune Company before its sale to Robert Maxwell in 1991 and then to Mortimer Zuckerman in 1993.{{Cite news|url=https://www.nytimes.com/2017/09/04/business/new-york-daily-news-sale-tronc.html|title=The Daily News, a Distinctive Voice in New York, Is Sold|last1=Ember|first1=Sydney|date=September 4, 2017|work=The New York Times|access-date=September 5, 2017|last2=Sorkin|first2=Andrew Ross|language=en-US|issn=0362-4331}} Tronc purchased the Daily News for $1 plus the assumption of its liabilities.{{cite news|url=http://www.chicagotribune.com/business/ct-tronc-new-york-daily-news-0905-biz-20170904-story.html|title=Tronc Acquires New York Daily News|website=The Chicago Tribune|access-date=September 5, 2017}} On July 23, 2018, tronc announced massive layoffs at the paper, and ousted its editor in chief.{{cite news|url=https://www.nytimes.com/2018/07/23/business/media/tronc-daily-news-layoffs.html|title=Daily News Newsroom Cut in Half by Tronc as Top Editor Is Ousted|newspaper=The New York Times|date=July 23, 2018|last1=Peiser|first1=Jaclyn}}

On February 7, 2018, tronc announced the sale of its California properties (Los Angeles Times, San Diego Union-Tribune) to Patrick Soon-Shiong for $500 million, with the buyer also assuming of $90 million in pension liabilities.{{Cite web|url=https://www.latimes.com/business/hollywood/la-fi-ct-los-angeles-times-sold-20180207-story.html|title=Billionaire Patrick Soon-Shiong reaches deal to buy L.A. Times and San Diego Union-Tribune|last=Koren|first=Meg James, James Rufus|website=Los Angeles Times|date=February 7, 2018|access-date=February 8, 2018}} The sale closed on June 18 that year and Tribune Publishing announced at the time that it would no longer be referred to as tronc.{{cite press release|author=|date=June 18, 2018|title=tronc, Inc. Announces Closing of the Los Angeles Times and The San Diego Union-Tribune Sale|location=Chicago|publisher=Tronc|url=http://investor.tronc.com/phoenix.zhtml?c=254385&p=irol-newsArticle&ID=2355030|access-date=June 18, 2018}}

On June 19, 2018, it was reported that tronc would revert its name back to Tribune Publishing;{{Cite news|url=https://nypost.com/2018/06/18/tronc-finally-realizes-it-has-a-stupid-name/|title=Tronc finally realizes it has a stupid name|date=June 18, 2018|work=New York Post|access-date=June 19, 2018|language=en-US}} this would be confirmed by the company in October of that year.{{Cite news|url=http://www.chicagotribune.com/business/ct-biz-tronc-name-change-tribune-publishing-20181004-story.html|title=Tronc changing name back to Tribune Publishing|last=Channick|first=Robert|work=chicagotribune.com|access-date=October 8, 2018|language=en-US}} In July 2018 tronc moved their headquarters from Tribune Tower several blocks south to One Prudential Plaza.{{cite web|url=http://www.chicagotribune.com/entertainment/ct-ent-farewell-tribune-tower-0610-story.html|title=Farewell to Tribune Tower: Friday we pack our boxes and depart what has been this newspaper's home|first=Rick|last=Kogan|website=Chicago Tribune|date=June 8, 2018 }}

In January 2019, Tribune announced that industry veteran Timothy P. Knight would succeed Justin Dearborn as CEO. Dearborn had served as CEO since 2016.{{Cite news|url=https://www.wsj.com/articles/tribune-publishing-names-new-chairman-and-ceo-11547782596|title=Tribune Publishing Names New Chairman and CEO|last=Alpert|first=Lukas I.|date=January 18, 2019|work=The Wall Street Journal|access-date=January 18, 2019|language=en-US|issn=0099-9660}} The company's board of directors also elected former Congressman and chairman of the House Rules Committee David Dreier to succeed Dearborn as chairman.

In December 2019, Alden Global Capital, a New York City-based hedge fund, acquired a 32% stake in shares of Tribune Publishing Company.

In February 2020, Dreier and Knight stepped down as chairman and CEO, respectively. Knight was replaced by the chief financial officer, Terry Jimenez.[https://www.chicagotribune.com/business/ct-biz-tribune-ceo-tim-knight-steps-down-20200203-javodzhvebfjbd7isllautlt4i-story.html Tribune Publishing CEO Tim Knight steps down in management shake-up]

In 2020, during the COVID-19 pandemic, Tribune Publishing closed a number of its papers' newsrooms, including those of: the New York Daily News, The Morning Call, the Orlando Sentinel, the Carroll County Times, the Capital Gazette and the Hartford Courant.{{cite news |author=Katie Robertson |title=The Hartford Courant's newsroom is closing down |url=https://www.nytimes.com/2020/12/04/business/media/the-hartford-courants-newsroom-is-closing-down.html |work=The New York Times |date=December 4, 2020 |access-date=December 5, 2020 }}

Tribune Publishing was acquired by hedge fund Alden Global Capital (Alden) for $635 million, giving its final approval on May 21, 2021, with the transaction officially closing on May 25, 2021, taking the company private.

In December 2019, Alden acquired a 32% stake in shares of Tribune Publishing Company.{{cite news |last1=Jackson |first1=David |last2=Marx |first2=Gary |title=Opinion: Will The Chicago Tribune Be the Next Newspaper Picked to the Bone? |url=https://www.nytimes.com/2020/01/19/opinion/chicago-tribune-alden-capital.html |access-date=March 29, 2021 |work=The New York Times |date=January 19, 2020}} Most of its stake was purchased from Michael Ferro at $13 a share. Considering what it paid for other tranches, the average price Alden paid for its shares of Tribune Publishing stock is around $12.75. It is offering $17.25/share.{{cite news |last1=Benton |first1=Joshua |title=A rival bid might actually keep Tribune out of Alden Global Capital's hands — and Alden might be just fine with that |url=https://www.niemanlab.org/2021/04/a-rival-bid-might-actually-keep-tribune-out-of-alden-global-capitals-hands-and-alden-might-be-just-fine-with-that/ |access-date=April 8, 2021 |publisher=Nieman Lab |date=April 5, 2021}} Tribune Publishing announced in February 2021 that it had agreed to be wholly acquired by Alden, and the final approval came in May.

A key element in concluding the sale to Alden was the decision by Patrick Soon-Shiong, who owned 24% of the company's stock, to abstain from the May 21 shareholder vote.

In early April 2021, Tribune Publishing announced that it has entered into serious discussions with an alternative pair of suitors for an amount higher than its deal with Alden. The new bidders were Stewart W. Bainum Jr. and Hansjörg Wyss.{{cite news |last1=Robertson |first1=Katie |title=Tribune Publishing Considers New Offer From Surprise Bidders |url=https://www.nytimes.com/2021/04/05/business/media/tribune-publishing-newspapers-alden.html |access-date=April 5, 2021 |work=The New York Times |date=April 5, 2021}} This deal would have amounted to an overall bid of $680 million, or $18.50/share, in contrast to the $635 million offer from Alden.

The Bainum/Wyss acquisition offer came about when Bainum's offer to purchase the Baltimore Sun from Alden once it completed its acquisition of Tribune Publishing fell apart. The Sun deal fell apart on March 12 when Bainum became convinced that Alden was smuggling extra costs and fees into its deal with him that violated what he thought he had agreed to. He had agreed to purchase the Sun for $65 million, along with payments on a transitional-services agreement. The transitional-services agreement would have involved payments from the Sun to Alden for logistical aspects of running the business including its payroll and circulation departments and national and digital sales unit. Bainum believed he had negotiated a deal for two years of transitional services, with a 30-day exit clause. Instead, he was asked to commit to a five-year agreement with no possibility of an early exit. Bainum took umbrage and, instead, put together a competing bid to purchase the entirety of Tribune Publishing.{{cite news |last1=Alpert |first1=Lukas |title=Alden Clashes With Billionaire Over Future of Tribune—and of Local News |url=https://www.wsj.com/articles/alden-clashes-with-billionaire-over-future-of-tribuneand-of-local-news-11618027398?mod=hp_lead_pos7 |access-date=April 10, 2021 |publisher=Wall Street Journal |date=April 10, 2021}}

Poynter.org observed that fears about the potential Alden acquisition may have obscured that staffing levels at Tribune Publishing's nine metropolitan newspapers fell 30.4% from 2019 to 2020. They write, "Employees and local readers are concerned that Alden would make deep cuts to Tribune if it bought the company. But it seems that's already happening."{{cite news |last1=Edmonds |first1=Rick |title=Even under current management, Tribune Publishing's news capacity is shrinking fast |url=https://www.poynter.org/locally/2021/even-under-current-management-tribune-publishings-news-capacity-is-shrinking-fast/ |access-date=April 12, 2021 |publisher=Poynter.org |date=April 12, 2021}}

Hansjörg Wyss announced the third week of April that he was withdrawing from acquisition talks. Shortly thereafter, Tribune Publishing said that it was ending its conversations with Stewart W. Bainum Jr. because they believed that this possible deal could not reasonably be expected, in the absence of Wyss, to lead to a "superior proposal". Wyss had been expected to contribute $505 million to the transaction, with $100 million coming from Bainum.

Bainum had until the end of the first week in May to submit a better proposal. Tribune Publishing's shareholders voted on a final deal on May 21. Bainum's difficulty in putting together a deal was said to be his inability to find a purchaser for the Chicago Tribune, which is the largest and most expensive of the metropolitan daily newspapers owned by Tribune Publishing.{{cite news |last1=Edmonds |first1=Rick |title=Time is running out for Stewart Bainum Jr. to put together a new bid for Tribune Publishing |url=https://www.poynter.org/locally/2021/time-is-running-out-for-stewart-bainum-jr-to-put-together-a-new-bid-for-tribune-publishing/ |access-date=April 29, 2021 |publisher=Poynter.org |date=April 29, 2021}} In the wake of the May 21 finalized sale, Bainum expressed continued interest in purchasing the Baltimore Sun and indicated that if he is unable to do so, he might invest a significant sum in creating a digital alternative.

Immediately upon the close of the transaction, the New York Daily News was transferred by Alden to a separate company, Daily News Enterprises, also owned by Alden.{{cite web|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001593195/000095010321007803/dp151697_8k.htm|title=Form 8-K|website=EDGAR|publisher=U.S. Securities and Exchange Commission|via=Tribune Publishing|date=May 25, 2021|accessdate=October 30, 2024}}

On January 15, 2024, the company sold The Baltimore Sun to David D. Smith, executive chairman of Sinclair Broadcast Group. The purchase price was not immediately disclosed.{{cite news |last1=Mirabella |first1=Lorraine |title=The Baltimore Sun purchased by Sinclair's David D. Smith |url=https://www.baltimoresun.com/2024/01/15/baltimore-sun-media-sold-david-d-smith/ |access-date=16 January 2024 |work=Baltimore Sun |date=15 January 2024}}

In February 2024, Tribune Publishing announced it will layoff about 200 employees from the Freedom Center printing plant in Chicago. The plant will close and be demolished as the property was sold to be used as the site of a casino. Printing operations will be moved to the Paddock Printing Center in Schaumburg, which was acquired by a subsidiary of Alden in May 2023.{{Cite web |date=2024-02-21 |title=Tribune Publishing to lay off nearly 200 workers as printing operations prepare for move to Schaumburg |url=https://chicago.suntimes.com/business/2024/02/21/tribune-publishing-layoffs-printing-operations-move-schaumburg |access-date=2024-02-22 |website=Chicago Sun-Times |language=en}}

• Chicago Tribune (Chicago, Illinois)
• Daily Southtown (Chicago, Illinois)
• Post-Tribune (Merrillville, Indiana)
• Naperville Sun (Naperville, Illinois)
• Elgin Courier-News (Elgin, Illinois)
• The Beacon-News (Aurora, Illinois)
• Lake County News-Sun (Gurnee, Illinois)
• Pioneer Press
• Barrington Courier-Review{{cite web |url=http://barrington.suntimes.com/ |title=Barrington Courier-Review |publisher=Sun-Times Media Local |access-date=July 21, 2014 |url-status=dead |archive-url=https://web.archive.org/web/20110820080642/http://barrington.suntimes.com/ |archive-date=August 20, 2011 }}
• Buffalo Grove Countryside{{cite web|url=http://buffalogrove.suntimes.com/ |title=Buffalo Grove Countryside |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Deerfield Review {{cite web|url=http://deerfield.suntimes.com/ |title=Deerfield Review |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• The Doings Clarendon Hills{{cite web|url=http://clarendonhills.suntimes.com/ |title=The Doings Clarendon Hills |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• The Doings Hinsdale{{cite web|url=http://hinsdale.suntimes.com/ |title=The Doings Hinsdale |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• The Doings La Grange{{cite web|url=http://lagrange.suntimes.com/ |title=The Doings La Grange |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• The Doings Oak Brook{{cite web|url=http://oakbrook.suntimes.com/ |title=The Doings Oak Brook |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• The Doings Weekly{{cite web|url=http://burrridge.suntimes.com/ |title=The Doings Weekly |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• The Doings Western Springs{{cite web|url=http://westernsprings.suntimes.com/ |title=The Doings Western Springs |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Elm Leaves{{cite web|url=http://elmwoodpark.suntimes.com/ |title=Elm Leaves |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Evanston Review{{cite web|url=http://evanston.suntimes.com/ |title= Evanston Review |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Forest Leaves{{cite web|url=http://riverforest.suntimes.com/ |title=Forest Leaves |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Franklin Park Herald Journal{{cite web|url=http://franklinpark.suntimes.com/ |title=Franklin Park Herald Journal |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Glencoe News{{cite web|url=http://glencoe.suntimes.com/ |title=Glencoe News |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Glenview Announcements{{cite web|url=http://glenview.suntimes.com/ |title=Glenview Announcements |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Highland Park News{{cite web|url=http://highlandpark.suntimes.com/ |title=Highland Park News |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Lake Forester{{cite web|url=http://lakeforest.suntimes.com/ |title=Lake Forester |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Lake Zurich Courier{{cite web|url=http://lakezurich.suntimes.com/ |title=Lake Zurich Courier |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Libertyville Review{{cite web|url=http://libertyville.suntimes.com/ |title=Libertyville Review |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Lincolnshire Review{{cite web|url=http://lincolnshire.suntimes.com/ |title=Lincolnshire Review |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Lincolnwood Review{{cite web|url=http://lincolnwood.suntimes.com/ |title=Lincolnwood Review |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Morton Grove Champion{{cite web|url=http://mortongrove.suntimes.com/ |title=Morton Grove Champion |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Mundelein Review{{cite web|url=http://mundelein.suntimes.com/ |title=Mundelein Review |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Niles Herald-Spectator{{cite web|url=http://niles.suntimes.com/ |title=Niles Herald-Spectator |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Norridge Harwood Heights News{{cite web|url=http://norridge.suntimes.com/ |title=Norridge Harwood Heights News |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Northbrook Star{{cite web|url=http://northbrook.suntimes.com/ |title=Northbrook Star |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Oak Leaves{{cite web |url=http://oakpark.suntimes.com/ |title=Oak Leaves |publisher=Sun-Times Media Local |access-date=July 21, 2014 |archive-url=https://web.archive.org/web/20120606215506/http://oakpark.suntimes.com/ |archive-date=June 6, 2012 |url-status=dead }}
• Park Ridge Herald Advocate{{cite web|url=http://parkridge.suntimes.com/ |title=Park Ridge Herald Advocate |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Skokie Review{{cite web|url=http://skokie.suntimes.com/ |title=Skokie Review |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Vernon Hills Review{{cite web|url=http://vernonhills.suntimes.com/ |title=Vernon Hills Review |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Wilmette Life{{cite web|url=http://wilmette.suntimes.com/ |title=Wilmette Life |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Winnetka Talk{{cite web|url=http://winnetka.suntimes.com/ |title=Winnetka Talk |publisher=Sun-Times Media Local |access-date=July 21, 2014}}
• Sun Sentinel (Fort Lauderdale, Florida)
• Boca Times (Boca Raton, Florida; Highland Beach, Florida)
• El Sentinel del Sur de la Florida (Fort Lauderdale, Florida)
• Florida Jewish Journal
• Delray Sun (Delray Beach, Florida; Gulf Stream, Florida)
• Gateway Gazette (Boynton Beach, Florida; Lantana, Florida; Hypoluxo, Florida; Atlantis, Florida; South Palm Beach, Florida; Ocean Ridge, Florida; Manalapan, Florida; Briny Breezes, Florida)
• Glades Gazette (Miramar, Florida; Pembroke Pines, Florida; Weston, Florida; Southwest Ranches, Florida)
• Pier Review (Deerfield Beach, Florida; Pompano Beach, Florida; Lighthouse Point, Florida; Hillsboro Beach, Florida)
• Riverside Times (Fort Lauderdale, Florida; Oakland Park, Florida; Wilton Manors, Florida; Lauderdale-by-the-Sea, Florida; Sea Ranch Lakes, Florida)
• Sawgrass Sun (Plantation, Florida; Sunrise, Florida; Lauderhill, Florida; Tamarac, Florida; North Lauderdale, Florida; Lauderdale Lakes, Florida)
• The Forum (Coral Springs, Florida; Coconut Creek, Florida; Margate, Florida; North Lauderdale, Florida; Parkland, Florida)
• The Trailblazer (Davie, Florida; Cooper City, Florida; Southwest Ranches, Florida)
• The Villager (Wellington, Florida; Royal Palm Beach, Florida; Greenacres, Florida; Loxahatchee Groves, Florida; Westlake, Florida; The Acreage, Florida)
• West Boca Times (West Boca Raton, Florida)
• Orlando Sentinel (Orlando, Florida)
• El Sentinel (Orlando, Florida)
• The Virginian-Pilot (Norfolk, Virginia)
• Inside Business (Norfolk, Virginia)
• [http://altdaily.com/ AltDaily] (Norfolk, Virginia)
• The Hartford Courant (Hartford, Connecticut)
• ReminderNews
• The Morning Call (Allentown, Pennsylvania)
• Daily Press (Newport News, Virginia)
• The Virginia Gazette (Williamsburg, Virginia)
• The Tidewater Review

• Tribune News Service

• City & Shore Magazine
• Chicago Magazine
• Hartford Magazine
• Naperville Magazine
• Polo Equestrian of the Palm Beaches
• Prime Magazine
• South Florida Parenting
• Williamsburg Magazine

• The Daily Meal
• The Active Times
• Military News
• Metromix
• Pro Soccer USA

• Tribune Content Agency

• AM New York (New York, New York; 2003–2008)
• The Capital (Annapolis, Maryland)
• Maryland Gazette
• Bowie Blade (Bowie, Maryland)
• Crofton-West County Gazette (Crofton, Maryland)
• Baltimore Sun (Baltimore, Maryland; 2000-2021)
• Carroll County Times (Westminster, Maryland)
• Newsday (Melville, New York; 2000–2008)
• 8 community weeklies
• Hoy (Los Angeles and San Diego (with an edition in north Baja California), California; 2000−2018)
• Los Angeles Times (Los Angeles, California; 2000–2018)
• Daily Pilot (Newport Beach, California)
• Burbank Leader (Burbank, California)
• Glendale News Press (Glendale, California)
• La Canada Valley Sun (La Canada Flintridge, California)
• RedEye (Chicago, Illinois)
• New York Daily News (New York City; 1919-1993, 2017-2021)
• San Diego Union-Tribune (San Diego, California; 2015–2018)
• 8 community weeklies

{{Reflist

|refs=

• {{cite news|url = https://www.nytimes.com/2014/08/11/business/media/media-companies-spin-off-newspapers-to-uncertain-futures.html?src=me | title = Print Is Down, and Now Out: Media Companies Spin Off Newspapers, to Uncertain Futures| newspaper = New York Times| author = Carr, David| author-link = David Carr (journalist)| date = August 11, 2014| page = B1| archive-url = https://web.archive.org/web/20140811150417/http://www.nytimes.com/2014/08/11/business/media/media-companies-spin-off-newspapers-to-uncertain-futures.html?src=me| archive-date = August 11, 2014| url-status = live | quote = Turns out, not so much — quite the opposite, really. The Washington Post seems fine, but recently, in just over a week, three of the biggest players in American newspapers — Gannett, Tribune Company and E. W. Scripps, companies built on print franchises that expanded into television — dumped those properties like yesterday's news in a series of spinoffs. }}
• {{cite news | url = https://www.nytimes.com/2014/08/04/business/media/spinoff-set-to-create-tribune-publishing-a-print-unit-going-it-alone.html

| title = A News Giant Going It Alone: Newspaper Spinoff to Create Tribune Publishing| newspaper = New York Times| author = Haughneyaug, Christine| date = August 4, 2014| page = B1| archive-url = https://web.archive.org/web/20140807192625/http://www.nytimes.com/2014/08/04/business/media/spinoff-set-to-create-tribune-publishing-a-print-unit-going-it-alone.html| archive-date = August 7, 2014| access-date = August 11, 2014| url-status = live | quote = Tribune Publishing will be born in a punishing print environment, but it will start off with $350 million in debt, of which $275 million will pay a one-time cash dividend to Tribune's shareholders. That falls far short of the enviable $2 billion cash cushion Rupert Murdoch's News Corporation gave its print division last year, but far better than the $1.3 billion in debt that Time Inc. started with when it was spun off in June.

}}

• {{cite news | url = https://www.nytimes.com/2006/03/13/business/media/13knight.html?hp&ex=1142312400&en=4fb5eb597aab2813&ei=5094&partner=homepage | title = Newspaper Chain Agrees to a Sale for $4.5 Billion | newspaper = New York Times | last1 = Seelye | first1 = Katharine Q. | last2 = Sorkin| first2 = Andrew Ross | date = March 13, 2006 | archive-url = https://web.archive.org/web/20140811232447/http://www.nytimes.com/2006/03/13/business/media/13knight.html?_r=3&hp&ex=1142312400&en=4fb5eb597aab2813&ei=5094&partner=homepage| archive-date = August 11, 2014| url-status = live }}
• {{cite news | url = https://www.latimes.com/business/la-fi-tribune14-2009nov14,0,7106585.story| title = Tribune asks court for extension : The Times' owner wants four additional months to plan its exit from bankruptcy without interference| newspaper = Los Angeles Times| author = Julie Johnsson, Michael Oneal| date = November 14, 2009| archive-url = https://web.archive.org/web/20120623213055/http://articles.latimes.com/2009/nov/14/business/fi-tribune14| archive-date = June 23, 2012| access-date = August 11, 2014| url-status = live }}

}}

• {{official website|www.tribpub.com}}

{{Finance links historical

| name = Tribune Publishing Co

| sec_cik = 1593195

}}

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Category:2021 mergers and acquisitions