Deals
Tribune’s Ferro Backed Gannett Bid in Meeting, Suitor Says
- Chairman wanted ‘significant role’ after deal, letter claims
- USA Today publisher urges Tribune investors to reject board
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Tribune Publishing Co. Chairman Michael Ferro said privately he’d support Gannett Co.’s takeover bid only if he obtained a “significant role” in the company after the deal closed, according to a letter released by the newspaper company’s hostile suitor.
Ferro offered to back the deal in a May 12 meeting with Gannett executives. He said he wanted to be the combined company’s “largest shareholder,” Gannett said Friday in the letter to Tribune investors.