Tribune CEO Blasts Gannett as “Playing Games”

Justin Dearborn

Tribune Publishing Inc. Chief Executive Justin C. Dearborn said its board is reviewing Gannett Co.’s roughly $400 million takeover offer but criticized the USA Today owner for “playing games” during the proposal process.

WSJ reports Dearborn added that Gannett is being “erratic and unreliable” in a letter dated Monday to Gannett that Tribune Publishing made public in a regulatory filing Tuesday.

“We do not understand why you found our response to your proposal to be inadequate,” Mr. Dearborn said, adding that he had personally engaged with Gannett CEO Robert Dickey “numerous times both in writing and via phone” before Gannett went public Monday with its offer.

Gannett’s Mr. Dickey responded Tuesday in a letter, obtained by The Wall Street Journal, that he was “heartened” to hear that Tribune was considering its proposal.

On Monday, Gannett said it had offered to acquire Tribune Publishing in a deal valued at about $400 million—or $815 million, including debt—that would combine titles like the USA Today, Los Angeles Times and Chicago Tribune. Tribune said then that it has hired advisers which are helping it review the offer and would “respond to Gannett as quickly as feasible.”

Dearborn said in his letter that Tribune responded “promptly” following Gannett’s initial letter on April 12. He said representatives of Tribune Publishing agreed to have dinner with representatives of Gannett on April 18 in Washington, D.C., but Gannett canceled that meeting without offering a reason.