TPCO - Tribune Publishing deal watchers turn eyes to Soon-Shiong's 'veto'

As rival bids heat up for Tribune Publishing (TPCO), the question in the air is: In which direction will billionaire Patrick Soon-Shiong cast his support? The Los Angeles Times owner holds the key to a Tribune sale with a 24% stake in the company. And he's not yet committed to the board-approved $17.25/share offer from Alden Global Capital - allowing for the likelihood that he's not comfortable selling to a hedge fund with a reputation for dismantling newspapers. A rival bid of $18.50/share comes from hotel mogul Stewart Bainum, now supported by Tribune's third-largest shareholder, Mason Slaine (3.4% stake), as well as Swiss billionaire Hansjörg Wyss. While the Tribune board's special committee has only endorsed the Alden deal, that could change when the Bainum deal is finalized. A source tells the New York Post that “I think Patrick will side with whichever offer will pay him the most money.” Alden

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Tribune Publishing deal watchers turn eyes to Soon-Shiong's 'veto'