While the Associated Press and the Chicago Tribune have reported that shareholders have agreed the sale to Alden Global Capital, the issue was never straightforward.
With a requirement that two thirds of shareholders other than Alden – which owns 32 per cent – must approve the deal, the outcome was dependent on the vote of pharmaceutical entrepreneur Patrick Soon-Shiong, who holds 24 per cent.
The New York Times has quoted a spokeswoman that he had abstained from the vote, but also that “a person with knowledge of the specifics of (his) vote said he did not check the ‘abstain’ box on the ballot”. It did not name its informant.
Tribune Publishing – whose board had recommended acceptance of Alden’s offer, valued at about US630 million (A$ 814.8 million) offer – counted the vote as a ‘yes’, and later said this was according to rules. If the abstention box had been ticked, filings say an abstention would have counted as a vote against the sale.
Soon-Shiong’s spokeswoman told the New York Times, “For the past several years, Tribune Publishing has been a passive investment, as he has remained focused on the leadership roles he holds across his companies”.
In addition to the Chicago Tribune, the company owns newspapers including the Baltimore Sun – which bidder Stewart W. Bainum Jr had wanted to acquire – the Orlando Sentinel and New York Daily News.
In a statement, Alden president Heath Freeman said the purchase “reaffirms our commitment to the newspaper industry and our focus on getting publications to a place where they can operate sustainably over the long term”.
• Updated to reflect Tribune's comment that an unticked box counted as a 'yes'.