Swiss billionaire exits talks for Tribune Publishing

Hansjörg Wyss has withdrawn from a bid to buy Tribune Publishing, ending his attempt at being a Swiss savior of the Chicago Tribune, two sources said Saturday.

A billionaire with an interest in environmentalism, Wyss had partnered with hotel executive Stewart Bainum Jr. to make a $680 million offer, or $18.50 a share, for the company. The sources said he left the deal after viewing company books and that Bainum is seeking other investors to keep the offer alive.

His departure could cause Tribune Publishing directors to schedule shareholder approval of a buyout offer from hedge fund Alden Global Capital at $17.25 a share. Alden has scooped up financially troubled dailies and weeklies around the country and has faced widespread criticism for slashing news coverage.

Wyss sought to help Bainum keep Tribune Publishing out of Alden’s hands and to break up the company, selling its nine daily newspapers to investors wanting local titles. But two sources, both close to the deal and speaking on condition of anonymity, said Wyss withdrew after deciding he’d have to spend too much to elevate the Chicago Tribune to a national role.

Read more: https://chicago.suntimes.com/business/2021/4/17/22389757/swiss-billionaire-exits-talks-for-tribune-publishing

Other Tribune newspapers include:

Allentown Morning Call
Baltimore Sun
Chicago Tribune
Hartford Courant
New York Daily News
Newport News Daily Press
Norfolk Virginian-Pilot
Orlando Sentinel
South Florida Sun-Sentinel