For those readers interested in the fate of the newspapers owned by Tribune Publishing Co, there’s a hiccup:
A Wyoming-based Swiss billionaire who formed half of the consortium making a bid to buy Tribune Publishing Co. has backed out of the deal, according to two people familiar with negotiations.
Hansjörg Wyss had joined with Maryland business executive Stewart Bainum Jr. earlier this month in submitting the $680 million proposal to a special committee of Tribune’s board, in an attempt to beat out an offer from Alden Global Capital. The development casts further doubt on whether journalists at Tribune newspapers can avoid a takeover by the hedge fund, which has a reputation for deep cost-cutting. [WaPo]
But …
Bainum — who is said to still be committed to the deal to buy Tribune and is actively seeking investors to join him — informed the special committee of Wyss’s withdrawal verbally Friday night and confirmed it in writing on Saturday. A spokesman for the special committee of Tribune’s board declined to comment.
Bainum has also completed his due diligence into Tribune’s finances and found the numbers “more than satisfactory,” one of these people familiar with the negotiations said. (Both spoke anonymously because they were not authorized to comment publicly about the deal). Bainum has fielded interest from other wealthy individuals and foundations as well.
The drama continues – and perhaps the fate of the United States.
I always did like a trifling bit of drama.
