Tribune Publishing Co. has become a takeover target for rival Gannett Co. The company, owner of some of the biggest-name publications in American journalism, has had a tumultuous decade as its declining legacy business has struggled to find a path forward. While that has largely followed the fate of the newspaper industry at large, Tribune's road in recent years has been bumpier than most. Here is a look at some pivotal moments in the company's recent history:
April 2007: Chicago investor Sam Zell buys Tribune — which by this point was comprised of multiple television channels and TV properties as well as a chain of newspapers — for $ 8.2 billion, taking the company private.
December 2008: Tribune, weighed down by a crushing $ 13 billion debt load, files for Chapter 11 bankruptcy protection.
January 2013: Tribune emerges from bankruptcy as a publicly-traded company once again with major debt-holders Oaktree Capital, Angelo Gordon &Co. and JP Morgan Chase, taking charge as top shareholders.
August 2014: The Tribune Company spins-off its newspaper holdings into Tribune Publishing Co., with the television properties becoming Tribune Media Co. Jack Griffin is named chief executive with Tribune Publishing shares opening at $ 24.50.
September 2015: Tribune fires Los Angeles Times publisher Austin Beutner after he helped facilitate a sales offer for the paper by LA philanthropist Eli Broad. The deal is rejected by the Tribune board.
November 2015: Private equity firm Apollo Global Management approaches Tribune about a possible sale, but the offer is rebuffed.
Feb. 4, 2016: Tribune secures a sizeable cash infusion from Chicago investor Michael W. Ferro , who becomes the largest shareholder with 16.6% of the stock.
Feb. 23, 2016: Mr. Ferro orchestrates the ouster of CEO Jack Griffin and begins a restructuring of Tribune's management and board.
March 7, 2016: The U.S. Department of Justice seeks to block Tribune's bid for Freedom Communications on anti-trust grounds and the company ends up in the hands of competitor Digital First Media.
April 25, 2016: Gannett Co. goes public with its proposal to acquire Tribune for $ 12.25 per share or 63% above the closing price on the previous trading day. In total the bid amounts to $ 815 million including the assumption of Tribune's $ 390 in debt. Tribune says it is engaging financial advisors to review the offer. Tribune shares soar over 50% on the news.
Write to Lukas I. Alpert at lukas.alpert@wsj.com
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