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.
GANNETT CO., INC. (NYSE: GCI) is a leading international news and information company that publishes 85 daily newspapers in the USA, including USA TODAY, the nation’s largest-selling daily newspaper. The company also owns nearly 1,000 non-daily publications in the USA and USA WEEKEND, a weekly newspaper magazine. Gannett subsidiary Newsquest is the United Kingdom’s second largest regional newspaper company. Newsquest publishes nearly 300 titles, including 18 daily newspapers, and a network of prize-winning Web sites. Gannett also operates 23 television stations in the United States and is an Internet leader with sites sponsored by its TV stations and newspapers including USATODAY.com, one of the most popular news sites on the Web.
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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.
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