Tribune Publishing Announces New Board Member, Extends Cooperation Agreement with Alden Global Capital LLC
July 02 2020 - 9:00AM
Tribune Publishing Company (NASDAQ: TPCO) today announced that it
has extended its cooperation agreement with Alden Global Capital
LLC (“Alden”) and has appointed Randall D. Smith of Alden to the
Board of Directors, effective immediately. The Board size has been
increased from six to seven members.
In addition, the cooperation agreement contains
standstill and voting commitments surviving until the conclusion of
the Company’s 2021 Annual Meeting, subject to certain
exceptions.
“We are pleased to extend our cooperation
agreement with our largest stockholder and to welcome Randy to the
Board,” said Philip G. Franklin, Chairman of the Board.
“Tribune Publishing will continue to focus on our long-term
strategy to drive digital growth and invest in high-quality content
while reducing legacy costs related to our real estate footprint,
printing and distribution operations, and certain corporate
functions.”
Alden said, “We are pleased to continue our
collaboration with Tribune that pursues our shared goal of ensuring
the sustainability of Tribune’s local newspapers well into the
future.”
The complete agreement between Tribune
Publishing and Alden will be included in a Form 8-K to be filed
with the United States Securities and Exchange Commission.
About Tribune Publishing
CompanyTribune Publishing Company (NASDAQ: TPCO) is a
media company rooted in award-winning journalism. Headquartered in
Chicago, Tribune Publishing operates local media businesses in
eight markets with titles including the Chicago Tribune, New York
Daily News, The Baltimore Sun, Orlando Sentinel, South Florida's
Sun Sentinel, Virginia’s Daily Press and The Virginian-Pilot, The
Morning Call of Lehigh Valley, Pennsylvania, and the Hartford
Courant. In addition to award-winning local media businesses,
Tribune Publishing operates Tribune Content Agency and is the
majority owner of the product review website BestReviews. Our
vision is to engage, inspire and empower our communities every
day.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 that are based largely
on our current expectations and reflect various estimates and
assumptions by us. Forward-looking statements are subject to
certain risks, trends and uncertainties that could cause actual
results and achievements to differ materially from those expressed
in such forward-looking statements. Such risks, trends and
uncertainties, which in some instances are beyond our control,
include, without limitation, the effect of the novel coronavirus
and related governmental and economic responses, changes in
advertising demand, circulation levels and audience shares;
competition and other economic conditions; our ability to develop
and grow our online businesses; changes in newsprint price and
availability; our ability to maintain data security and comply with
privacy-related laws; economic and market conditions that could
impact the level of our required contributions to the defined
benefit pension plans to which we contribute; decisions by trustees
under rehabilitation plans (if applicable) or other contributing
employers with respect to multiemployer plans to which we
contribute which could impact the level of our contributions; our
ability to maintain effective internal control over financial
reporting; concentration of stock ownership among our principal
stockholders whose interest may differ from those of other
stockholders; and other events beyond our control that may result
in unexpected adverse operating results. For more information about
these and other risks see Item 1A (Risk Factors) of the Company’s
most recent Quarterly Report on Form 10-Q and in the Company’s
other reports filed with the United States Securities and Exchange
Commission.
The words “believe,” “expect,” “anticipate,”
“estimate,” “could,” “should,” “intend,” “may,” “will,” “plan,”
“seek” and similar expressions generally identify forward-looking
statements. However, such words are not the exclusive means for
identifying forward-looking statements, and their absence does not
mean that the statement is not forward-looking. Whether or not any
such forward-looking statements in fact occur will depend on future
events, some of which are beyond our control. Readers are cautioned
not to place undue reliance on such forward-looking statements,
which are being made as of the date of this press release. Except
as required by law, we undertake no obligation to update any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Investor Relations Contact:Amy
BullisTribune Publishing Investor
Relations312.222.2102abullis@chicagotribune.com
Media Contact:Max
ReinsdorfTribune Publishing Media
Relations847.867.6294mreinsdorf@tribpub.com
Tribune Publishing (NASDAQ:TPCO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tribune Publishing (NASDAQ:TPCO)
Historical Stock Chart
From Jul 2023 to Jul 2024