Backed by Billionaire, Tribune Rejects Gannett's Latest Bid

Tribune Publishing, infused with a $70.5 million investment from billionaire Patrick Soon-Shiong, rejected Gannett's latest takeover offer, escalating the battle between the newspaper publishers.Gannett's revised proposal is "clearly inadequate" to control the owner of the Los Angeles Times and the Chicago Tribune, Chief Executive Officer Justin Dearborn said in a statement Monday. The $15-a-share proposal from the publisher of USA Today was 22% more than its original bid of $12.25 offered publicly on April 25. Tribune sank in New York trading.In rebuffing Gannett a second time, Tribune is issuing 4.7 million common shares to Soon-Shiong's Nant Capital at $15 apiece, according to a separate statement Monday. Following the deal, Soon-Shiong will become vice chairman on the board and Nant Capital will have a 12.9% stake, making it Tribune's second-largest shareholder. That would put it ahead of Oaktree Capital Management, which called last week for a board committee free of top shareholder Michael Ferro's influence to consider Gannett's offer. The moves are the most aggressive yet by Ferro to fend off Gannett. Continue reading at AdAge.com Continue reading at 'Advertising Age'

[ Advertising Age | 2016-05-24 00:00:00 UTC ]
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PRH-backed StorySign app launches on Apple iOS

StorySign, a free mobile app that translates children’s books into sign language, has launched on Apple iOS. Continue reading at The Bookseller

[ The Bookseller | 2019-09-24 00:27:16 UTC ]
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Oprah’s latest book club pick is Ta-Nehisi Coates’ The Water Dancer.

The Third Age of Oprah’s Book Club began in earnest this morning as the beloved former talk show host and literary tastemaker revealed her first new selection in almost a year: Ta-Nihisi Coates’ debut novel, The Water Dancer. Making the announcement alongside Coates on CBS This Morning earlier... Continue reading at Literrary Hub

[ Literrary Hub | 2019-09-23 16:47:13 UTC ]
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Prominent writers back Kamila Shamsie after German literary prize withdrawn

Over 250 writers including Sally Rooney, Jeanette Winterson and George Saunders have thrown their support behind novelist Kamila Shamsie after a German literary prize was rescinded due to her support of an Israel boycott. Continue reading at The Bookseller

[ The Bookseller | 2019-09-23 11:12:04 UTC ]
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Bell calls for publishing to 'reflect all children' in bid to boost reading

At The Bookseller Children’s Conference today, Scholastic co-managing director Catherine Bell urged publishing to "reflect all children" and engage parents so they can read to their youngsters. Continue reading at The Bookseller

[ The Bookseller | 2019-09-23 02:34:03 UTC ]
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Frankfurt Book Fair Gets Back to Business

Despite heightening political and economic turmoil around the globe, a sense of confidence and stability has returned to the show. Continue reading at Publishers Weekly

[ Publishers Weekly | 2019-09-20 04:00:00 UTC ]
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All the latest production moves, hires and partnerships: September 18, 2019

Merman, the production company founded by actor and writer Sharon Horgan, has formed a joint venture partnership with the talent and literary agency Independent Talent Group (ITG) to exclusively produce advertising and branded content. ITG is taking an equity stake within Merman London and will... Continue reading at Advertising Age

[ Advertising Age | 2019-09-18 13:57:25 UTC ]
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‘Come on, guys, it’s just a novel.’ Lucy Ellmann bites back at critics of her book’s length

‘Ducks, Newburyport’ is a 1,000-plus page female monologue. Might our focus on its heft be a little sexist, the author wonders? Continue reading at The Washington Post

[ The Washington Post | 2019-09-18 12:00:00 UTC ]
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Patti Smith looks back at a heartbreaking year

In “Year of the Monkey,” the singer revisits her 70th year, when she lost two of her closest friends. Continue reading at The Washington Post

[ The Washington Post | 2019-09-17 20:44:19 UTC ]
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