Gannett Will Purchase Two Connecticut Dailies
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CHICAGO — Tribune Co. said yesterday it is selling its two daily newspapers in Stamford and Greenwich, Conn., to Gannett Co. Inc. for $73 million in a transaction between the nation’s two largest newspaper companies.
The sales of the Greenwich Time and The Advocate of Stamford had been expected since the agreement was leaked last week. Tribune is the second-biggest American newspaper publisher by circulation behind McLean, Va.-based Gannett.
The Connecticut papers have a combined circulation of 39,000 and are the smallest of Tribune’s 11 dailies. Scott Smith, president of Tribune’s publishing division, said the papers are “excellent” but do not fit the company’s strategic focus on larger publishing and interactive businesses.
The Chicago-based parent is still expected to make a decision by the end of March on a possible restructuring or other move following a six-month strategic review.
“With this transaction, we have exceeded our goal of selling $500 million in non-core assets as part of a performance improvement plan,” the Tribune chairman, Dennis FitzSimons, said.
