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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About Tribune Company
TRIBUNE is one of the country’s leading multimedia companies, operating businesses in publishing, digital and broadcasting. In publishing, Tribune’s leading daily newspapers include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel, Hartford Courant, The Morning Call and Daily Press. The company’s broadcasting group operates 23 television stations, WGN America on national cable, the national multicast network Antenna TV and Chicago’s WGN-AM. Popular news and information websites complement Tribune’s print and broadcast properties and extend the company’s nationwide audience.