Deals
Tribune's Court Hurdle on Papers Spurs Freedom to Pick New Buyer
- Digital First emerges as top choice for bankrupt publisher
- Original deal seen faltering after U.S. antitrust setback
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Tribune Publishing Co. hit a court roadblock in its bid to acquire bankrupt California newspaper publisher Freedom Communications Inc., which now plans to turn to the next-highest bidder and its $52 million offer.
Freedom will notify a bankruptcy judge about the pivot to Digital First Media Inc., publisher of the Los Angeles Daily News and Oakland Tribune, said William Lobel, Freedom’s lawyer. Freedom, owner of two newspapers in the region, faces a March 31 deadline from lenders to repay $21 million, and doesn’t expect Tribune’s U.S. antitrust case to be resolved by then, Lobel said Saturday in an interview.