CHICAGO, May 25 /PRNewswire-FirstCall/ -- Tribune Company and Gannett Co., Inc. today announced the termination of the agreement under which Gannett was to purchase Southern Connecticut Newspapers, The Advocate (Stamford) and Greenwich Time.
The agreement was terminated following an arbitrator's ruling last month that Tribune could not sell the company unless the buyer assumed the existing UAW contract as a condition of the sale, which Gannett declined to do. The contract covered certain editorial employees at The Advocate.
Tribune also announced that it would immediately begin the process of soliciting offers for the newspapers with the intention of completing a sale as soon as possible.
TRIBUNE is one of the country's top media companies, operating businesses in publishing, interactive and broadcasting. It reaches more than 80 percent of U.S. households and is the only media organization with newspapers, television stations and websites in the nation's top three markets. In publishing, Tribune's leading daily newspapers include the Los Angeles Times, Chicago Tribune, Newsday (Long Island, N.Y.), The Sun (Baltimore), South Florida Sun-Sentinel, Orlando Sentinel and Hartford Courant. The company's broadcasting group operates 23 television stations, Superstation WGN on national cable, Chicago's WGN-AM and the Chicago Cubs baseball team. Popular news and information websites complement Tribune's print and broadcast properties and extend the company's nationwide audience.
© 2007 PR Newswire
