Gannett has raised its hostile takeover bid for Tribune Publishing by $50 million, to $864 million.
Tribune, whose media properties include the Los Angeles Times and Chicago Tribune, turned down the original offer of $815 million earlier this month and public conversation between top executives at the two companies has gotten ugly since the unsolicited takeover attempt.
Gannett Chairman John Jeffry Louis said the new offer “demonstrates our commitment to engaging in serious and meaningful negotiations with the Tribune Board to reach a mutually agreeable transaction where Gannett acquires all of Tribune,” in a statement to Poynter on Monday morning.