Wall Street Doesn't Care That Tronc is ThisClose to Buying Us Weekly
Tronc the newspaper publisher formerly known as Tribune Publishing saw its stock remain motionless after news circulated that it was close to buying celebrity gossip magazine Us Weekly from Wenner Media which is desperately trying to unload the thing to pay down some debt. Tronc and Wenner are apparently close to a deal valued over $100 million that will see Us join Tronc's storied line up of newspapers like the Chicago Tribune, the Los Angeles Times and digital properties like TheDailyMeal.com. Wall Street probably didn't react because of the current print climate which has lead to sharp declines in newsstand sales for both magazines and newspapers. To some it's one dying business buying into another dying business. However Us Weekly would expand Tronc's entertainment coverage to the tune of over 21 million in digital audiences. Some Us Weekly content may also end up in the print pages of LA Times. Earlier this year Tronc acquired Spanfeller Media Group which publishes TheDailyMeal.com and TheActiveTimes.com. Tronc has been in a buying mood since Gannett abandoned all efforts to buy the company. Tronc is now trying to show that it can stand on its own.
Wall Street Doesn't Care That Tronc is ThisClose to Buying Us Weekly Reviewed by Editor on Tuesday, March 07, 2017 Rating: