Tribune Publishing Top Shareholder Pushes for Sale

Chicago Tribune: One day after Tribune Publishing elected its board and announced plans to change its name to Tronc, major shareholder Oaktree Capital Management said a sale to Gannett – even at the rejected $15-per-share offer – is preferable to the board’s “continued leadership.” “We would sell our shares at $15 per share – and believe that all shareholders should be afforded the opportunity to do so – if the only alternative is to rely on your continued leadership of the company,” John Frank, Oaktree’s vice chairman, said in a letter sent to Tribune Publishing directors.