That helped create the contentious atmosphere for Wednesday’s marathon auction process that included Tribune, Digital First and an investor group led by Freedom CEO Rich Mirman and Orange County developer Mike Harrah.
Serving on the Gannett Board of Directors: Greenhill & Co.is acting as financial advisor on the separation transaction and Wachtell, Lipton, Rosen & Katz is acting as legal advisor.Forward Looking Statements Certain statements in this press release may be forward looking in nature or constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995.The words “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made.The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements.
A number of those risks, trends and uncertainties are discussed in the Company’s filings with the U. Securities and Exchange Commission, including the Company’s registration statement on Form 10.“We’re going to go in and ask the judge on Monday to approve (Digital First Media) as the successful bidder,” Lobel said.Digital First Media is the nation’s second-largest newspaper company by circulation, with 65 daily and Sunday newspapers and at least 265 websites in 18 states. The judge presides over the bankruptcy of Freedom Communications, which owns the Register and The Press-Enterprise in Riverside and is embroiled in its second bankruptcy in seven years. issued a temporary restraining order that halted Tribune’s purchase due to concerns that the deal may create a Southern California news monopoly.When it was all done, past 10 p.m., all three bidders had beefs about the process. Digital First questioned whether Tribune even had the right to bid, just two days after federal regulators warned of “serious” antitrust issues.And Mirman’s group left the bidding after protesting the unfairness of a demand by creditors for million extra for waivers against future litigation against its members.Attorneys for The Orange County Register’s owner filed a motion Saturday asking a bankruptcy judge to approve the company’s sale to Digital First Media, the second-highest bidder in last week’s newspaper auction.