Soon-Shiong Holds Key to Tribune Publishing Sale

Patrick Soon-Shiong, the LA Times owner and Tribune's largest shareholder with a 24% stake, holding a pivotal position. Alden Global Capital has a board-approved offer of $17.25 per share, valuing the company at $630 million.

However, Stewart Bainum's competing bid of $18.50 per share, valuing Tribune at $680 million, is gaining significant traction. Bainum's coalition now includes Mason Slaine, Tribune's third-largest shareholder, and Swiss billionaire Hansjorg Wyss, both pledging $100 million investments.

Soon-Shiong's silence is a key factor; while some believe he will side with the highest bidder, others suggest he may be hesitant to back Alden due to its reputation for deep cuts to local newspapers. His 24% stake gives him a potential veto over Alden's deal, which requires two-thirds approval from non-Alden shareholders.

Tribune shares have reacted positively to news of Bainum's strengthening bid, indicating market anticipation of a higher offer. Soon-Shiong, who bought into Tribune at approximately $15 per share, is in a strong financial position, and a sale could provide a significant cash infusion.