USA Today owner Gannett offers to buy Tribune in $815 million deal

April 25, 2016 5:37 PM

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USA Today owner Gannett offers to buy Tribune in $815 million deal

Gannett offered to buy Tribune Publishing, the owner of the Los Angeles Times and Chicago Tribune, on Monday in a deal that could reach $815 million and could transform the publishing business during a period of industry decline.

Gannett, the owner of USA Today, offered Tribune $12.25 a share in cash, a 63 percent premium to its stock closing price Friday. It would also assume some Tribune debt, bringing the potential deal value to $815 million.

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