Tribune Co. rejects Gannett’s $815 million takeover bid

Tribune Publishing Co.’s board unanimously rejected a $815 million unsolicited takeover offer from Gannet Co., saying the bid undervalues the owner of the Los Angeles Times and the Chicago Tribune. The newspaper publisher is in the early stages of a strategic plan that includes creating digital subscription services and expanding the LA Times brand globally, which will include opening seven international bureaus this year, Chief Executive Officer Justin Dearborn said Wednesday. Tribune also plans to break out the Times’ revenue and profit as a separate segment from the rest of the company, which could boost the sale price and put pressure on Gannett to raise its offer. The move is the strongest sign yet that top shareholder Michael Ferro is unwilling to make a deal with Gannett three months after becoming chairman.