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Terry Jimenez, former CEO of Tribune Publishing, has endorsed Donerail Group's acquisition bid for Turtle Beach Corporation (HEAR). He stated that Donerail's financing structure was credible and criticized Turtle Beach's Board for not engaging in good faith. Jimenez revealed that Donerail's initial offer of $36.50 per share was deemed insufficient by the Board, despite acknowledging Donerail's financial capabilities. He noted that Turtle Beach shares are now nearly 50% lower than the rejected offer and called for shareholder scrutiny of the Board's decisions.
Tribune Publishing Company (NASDAQ:TPCO) announced that approximately 81.28% of non-Alden stockholders voted in favor of its merger with Alden Global Capital. The vote exceeds the required two-thirds majority, marking a significant milestone in the transaction's approval. Alden will acquire Tribune's outstanding shares at $17.25 each, with the merger expected to close by May 25, 2021. Following the transaction, Tribune will become a privately held company, and its stock will no longer be publicly traded.
Tribune Publishing Company (NASDAQ: TPCO) reported its Q1 2021 results on May 6, showing significant growth in digital revenues and improved profitability. Digital content revenues surged 66% year-over-year, contributing to total revenues of $173.6 million, down from $206.4 million in Q1 2020. Net income improved to $6.1 million from a net loss of $49 million a year earlier, while Adjusted EBITDA increased to $25.5 million. Digital subscribers rose to 441,000, up from 370,000, indicating a positive trend in digital engagement.
Tribune Publishing Company (NASDAQ:TPCO) announced that the special committee of its board has terminated discussions regarding Newslight's acquisition proposal of $18.50 per share, following a letter from Stewart Bainum indicating Hansjörg Wyss' reduced equity commitment. The board determined that Newslight's proposal is no longer likely to lead to a 'Superior Proposal,' as defined in the merger agreement with Alden Global Capital, which offers $17.25 per share. The board continues to recommend shareholder approval of the Alden Merger Agreement.
Tribune Publishing Company (NASDAQ:TPCO) announced on April 5, 2021, that its special committee reviewed a revised acquisition proposal from Newslight, LLC, led by Stewart Bainum and Hansjörg Wyss, offering $18.50 per share for Tribune's outstanding common stock. This proposal is considered a potential "Superior Proposal" compared to the existing agreement with Alden Global Capital, which offers $17.25 per share. The committee will continue discussions with Newslight, but has yet to determine the proposal's acceptance, with stockholders advised against taking action at this time.
Tribune Publishing Company (NASDAQ:TPCO) reported strong digital growth in its Q4 2020 results. Digital content revenues surged by 57.0% year-over-year, while digital-only subscribers rose by 30.5% to 436,000. Despite a $46.7 million revenue decline to $192.7 million, total operating expenses decreased by $138.1 million, contributing to a fourth-quarter income from continuing operations of $1.4 million. However, the company recorded a full-year loss from continuing operations of $46.8 million, impacted by $78.7 million in non-cash impairment charges. A merger with Alden Global Capital is pending, expecting closure in Q2 2021.
Tribune Publishing Company (NASDAQ: TPCO) has agreed to be acquired by Alden Global Capital for $17.25 per share in cash, representing a 45% premium over its last closing price before the proposal. Alden currently holds 31.6% of Tribune's shares. The acquisition is anticipated to close in the second quarter of 2021, pending regulatory approvals and other conditions. Following the merger, Tribune will become a private entity, ceasing to be publicly traded. The agreement was supported by Tribune's Board after evaluating alternatives.
Tribune Publishing Company (NASDAQ:TPCO) has formed a special committee of its Board of Directors to review the acquisition proposal from Alden Global Capital, submitted on December 14, 2020. This committee, comprising three independent members, has retained Lazard as its financial advisor and Davis Polk & Wardwell LLP for legal counsel. No assurances are given regarding the finalization of Alden's proposal or any other transaction. The Company will only update the market if significant developments arise from the committee's deliberations.
Tribune Publishing Company (NASDAQ:TPCO) announced the completion of its sale of a majority stake in BestReviews to Nexstar Media Group. This transaction aims to bolster Tribune's balance sheet. The company updated its revenue and AEBITDA guidance for Q4 and the full year 2020, with Q4 revenue projected at $191M-$192M and AEBITDA at $28M-$29M. For 2021, it forecasts revenue between $675M-$690M and AEBITDA of $105M-$113M. CEO Terry Jimenez emphasized the strategic measures taken in 2020 as beneficial for future performance.
Tribune Publishing Company (NASDAQ:TPCO) has entered into a definitive agreement to sell 100% of BestReviews LLC to Nexstar Inc. for $160 million in cash. Tribune owns 60% of BestReviews, with the remainder held by BR Holding Company. This transaction represents a robust return on investment made less than three years ago. Tribune will receive 60% of the sale price after fees and enter a master services agreement for content and revenue sharing with BestReviews. The deal is expected to close by the end of 2020, subject to regulatory approval.
