The Swiss billionaire Hansjörg Wyss, who seemingly came out of nowhere last month to make a serious offer for Tribune Publishing, a major newspaper chain, has decided to take himself out of the bidding, according to three people with knowledge of the matter. Two of the people said the decision came about in recent days, after Mr. Wyss’s associates examined the Tribune’s finances as part of a due diligence process. The two people added that Mr. Wyss had come to believe it would be difficult for him to realize his ambition of transforming The Chicago Tribune — the company’s flagship paper and the one he was most interested in — into a national publication. The three people with knowledge of the matter spoke on the condition of anonymity because they were not authorized to discuss the deal publicly.

Source: New York Times April 17, 2021 18:56 UTC