Market Insider

Tribune Publishing soars amid Gannett $815M takeover bid

Shares of Tribune Publishing gained nearly 53 percent Monday after Gannett, the publisher of USA Today, said it offered to buy for $815 million, including the assumption of debt.

Gannett's offer of $12.25 per share for the publisher of the Los Angeles Times and Chicago Tribune represents a nearly 63 percent premium to Tribune's Friday closing price.

Tribune spun off its publishing assets into Tribune Publishing in 2014, and renamed the parent company, which houses its broadcasting and digital assets, Tribune Media Co.

Tribune's stock is up 24.7 percent year to date, while Gannett shares are up 3 percent in 2016.

Reuters contributed to this report.