A spokesman for the special committee of Tribune’s board declined to comment. Wyss’s withdrawal represents a setback in an 11th-hour effort from wealthy investors that had been welcomed by a number of Tribune journalists. Nearly two weeks ago, the special committee of Tribune boards announced that the offer from Bainum and Wyss ″would reasonably be expected” to beat the preexisting offer from hedge fund Alden, valued at $630 million. But the board also reiterated its support for the Alden offer, which it previously backed. Tribune Publishing Co. owns several well-known newspapers across the country, including the New York Daily News, Hartford Courant and Chicago Tribune.

Source: Washington Post April 17, 2021 21:45 UTC