Gannett offers to buy rival Tribune Publishing for $815M

Gannett Co. Inc. has made an unsolicited bid for rival Tribune Publishing Co. in a deal valued at $815 million.

Gannett, the owner of such newspapers as USA Today and the Springfield News-Leader, first made an offer for Tribune on April 12. However, that bid was refused, according to a statement released today.

Tribune Publishing is the owner of the Los Angeles Times and Chicago Tribune. The offer represents a 63 percent premium to its April 22 closing price.

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