The Los Angeles-based investment firm says Tribune Publishing should “pursue discussions with Gannett to see if an acceptable agreement can be reached,” according to a filing with the Securities and Exchange Commission. Oaktree Capital Management - Tribune Publishing’s second-largest shareholder - says it wants the company to meet with Gannett about the possible sale of the Chicago-based newspaper company. We’ll always listen to everybody but we’re not for sale.” - Michael Ferro, largest shareholder in Tribune Publishing In an interview, Ferro says Chicago-based Tribune Publishing’s newly outlined plans for leveraging the digital assets of the company will bring more value to shareholders than Gannett’s offer. Tribune Publishing’s board votes unanimously to reject Gannett’s $815 million unsolicited offer to buy the Chicago-based owner of the Chicago Tribune, Los Angeles Times and other major newspapers. Tribune Publishing acknowledges the offer shortly after Gannett’s announcement, saying it received the proposal April 12, and tells Gannett that the board will retain advisers to help it evaluate the proposal. In a letter to Justin Dearborn released by Gannett, the company says it is “disappointed” by the response and Tribune is trying to “delay constructive engagement” and notes the all-cash value of the transaction means it could be completed quickly. Gannett announces an offer to buy Tribune Publishing for $815 million, including the assumption of $390 million in debt.
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