Los Angeles Times building in downtown Los Angeles. Photo by John Schreiber.
Los Angeles Times building in downtown Los Angeles. Photo by John Schreiber.

Los Angeles Times owner Tribune Publishing Co, Monday rejected a second takeover bid from USA Today owner Gannett but said it is open to further talks.

Gannett Co. last week raised its per-share bid for the owner of The Times, Chicago Tribune, Baltimore Sun and other newspapers to $15, up from $12.25. Gannett put the total value of the revised offer at about $864 million, which includes about $385 million in debt, The Times reported.

While rejecting the offer, Tribune Publishing, in a statement today, invited Gannett to enter into a nondisclosure agreement so that the companies could talk about whether a deal could be reached.

Tribune announced earlier that it will be getting a $70.5-million investment from Nant Capital in exchange for 4.7 million shares, making Nant Tribune’s second-biggest institutional shareholder, with a 12.9 percent stake.

Nant’s founder, Dr. Patrick Soon-Shiong, a 63-year-old Los Angeles billionaire and an adjunct professor of surgery at UCLA, will become vice chairman of the board.

—City News Service

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