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Tribune and Gannett Terminate Agreement
to Sell Southern Connecticut Newspapers
CHICAGO,
May 25, 2007 -- Tribune Company (NYSE:TRB) and Gannett Co., Inc. (NYSE: GCI) today announced the termination of the agreement under which Gannett was to purchase Southern Connecticut Newspapers, The Advocate (Stamford) and Greenwich Time.
The agreement was terminated following an arbitrator’s ruling last month that Tribune could not sell the company unless the buyer assumed the existing UAW contract as a condition of the sale, which Gannett declined to do. The contract covered certain editorial employees at The Advocate.
Tribune also announced that it would immediately begin the process of soliciting offers for the newspapers with the intention of completing a sale as soon as possible.
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TRIBUNE (NYSE:TRB) is one of the country’s
top media companies, operating businesses in publishing,
interactive and broadcasting. It reaches more than 80 percent
of U.S. households and is the only media organization with
newspapers, television stations and websites in the nation’s
top three markets. In publishing, Tribune’s leading
daily newspapers include the Los Angeles Times, Chicago Tribune,
Newsday (Long Island, N.Y.), The Sun (Baltimore), South Florida
Sun-Sentinel, Orlando Sentinel and Hartford Courant. The
company’s broadcasting group operates 23 television
stations, Superstation WGN on national cable, Chicago’s
WGN-AM and the Chicago Cubs baseball team. Popular news and
information websites complement Tribune’s print and
broadcast properties and extend the company’s nationwide
audience. |
