CHICAGO, May 21, 2021 /PRNewswire/ -- Tribune
Publishing Company (NASDAQ:TPCO) ("Tribune" or the "Company") today
announced that its stockholders voted to approve the definitive
merger agreement with affiliates of Alden Global Capital
("Alden") at a special meeting of
the Company's stockholders. Holders of approximately 81.28% of the
shares held by non-Alden
stockholders have voted to approve the merger agreement, in excess
of the two-thirds minimum required.
"Today's results represent an important milestone in completing
the transaction, and we appreciate the strong support we received
from Tribune stockholders," said Philip G.
Franklin, Chairman of the Board and a member of the special
committee.
The final voting results for the special meeting will be filed
in a Form 8-K with the U.S. Securities and Exchange Commission on
May 21, 2021. One or more
proxies from one of the Company's largest stockholders were
submitted or returned signed but with no box marked either "For,"
"Against" or "Abstain." Proxies submitted without a checked box
were voted in favor of approval of the merger agreement, in
accordance with the Board's recommendation, as provided by the
proxy card and the proxy statement.
As previously announced, under the terms of the definitive
merger agreement, affiliates of Alden will acquire all of the outstanding
shares of Tribune common stock not currently owned by Alden for $17.25
per share in cash. The transaction is expected to close by
May 25, 2021. Upon completion of the
transaction, Tribune will become a privately held company, and its
common stock will no longer be listed on any public market.
About Tribune Publishing Company
Tribune Publishing Company (NASDAQ:TPCO) is a media company
rooted in award-winning journalism. Headquartered in Chicago, Tribune Publishing operates local
media businesses in eight markets with titles including the Chicago
Tribune, New York Daily News, The Baltimore Sun, Hartford Courant, South Florida's Sun Sentinel and Orlando
Sentinel, Virginia's Daily Press
and The Virginian-Pilot, and The Morning Call of Lehigh Valley, Pennsylvania. In addition to
award-winning local media businesses, Tribune Publishing operates
Tribune Content Agency and TheDailyMeal.com.
Our brands are committed to informing, inspiring and engaging
local communities. We create and distribute content across our
media portfolio, offering integrated marketing, media, and business
services to consumers and advertisers, including digital solutions
and advertising opportunities.
Forward Looking Statements
This communication includes certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Words
such as "may," "will," "could," "anticipate," "estimate," "expect,"
"predict," "project," "future," "potential," "intend," "plan,"
"assume," "believe," "forecast," "look," "build," "focus,"
"create," "work" "continue" or the negative of such terms or other
variations thereof and words and terms of similar substance used in
connection with any discussion of future plans, actions, or events
identify forward-looking statements. These forward-looking
statements involve many risks and uncertainties about Tribune and
affiliates of Alden that could
cause actual results to differ materially from those expressed or
implied by such statements, including, without limitation, failure
to obtain the required vote of the Company's stockholders; the
timing to consummate the proposed transaction; the risk that a
condition of closing of the proposed transaction may not be
satisfied or that the closing of the proposed transaction might
otherwise not occur; the risk that a regulatory approval that may
be required for the proposed transaction is not obtained or is
obtained subject to conditions that are not anticipated; the
diversion of management time on transaction-related issues; risks
related to disruption of management time from ongoing business
operations due to the proposed transaction; the risk that any
announcements relating to the proposed transaction could have
adverse effects on the market price of the common stock of Tribune;
and the risk that the proposed transaction and its announcement
could have an adverse effect on the ability of Tribune to retain
customers and retain and hire key personnel and maintain
relationships with its suppliers and customers. These
forward-looking statements speak only as of the date of this
communication, and Tribune expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statement contained herein to reflect any change in
Tribune's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based. Please refer to the publicly filed documents of
Tribune, including the most recent Forms 10-K and 10-Q for
additional information about Tribune and about the risks and
uncertainties related to the business of Tribune which may affect
the statements made in this presentation.
Contacts:
Investor Relations:
Amy Bullis
312.222.2102
abullis@tribpub.com
Media:
Max Reinsdorf
847.867.6294
mreinsdorf@tribpub.com
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SOURCE Tribune Publishing Company