Tribune Publishing announced on Monday that it has ended talks with a Maryland hotel executive, clearing the way for a hedge fund to purchase the newspaper chain.
In a press release, Tribune Publishing said it has received a letter from Stewart Bainum Jr., chairman of Choice Hotels, backing out of a potential purchase after his bidding partner Hansjörg Wyss pulled out.
“On April 16,2021, Hansjörg Wyss informed me that he is no longer interested in participating in a potential acquisition of Tribune at the level of equity commitment indicated in Newslight’s letter to the Special Committee, dated April 1, 2021,” Bainum said in his letter. “Mr. Wyss further communicated to me that he remains interested in assisting in a potential transaction to make it successful.”
Tribune journalists had cheered Wyss and Bainum’s bids for the company after Alden Global Capital won a nonbinding agreement to buy the company in February.
Alden is known for cutting newsroom staff at media organizations they have recently purchased.
The Hill has reached out to Alden, Bainum and Tribune for statements.