Oaktree Capital Management

Oaktree renews call for Tribune to sell to Gannett

Oaktree renews call for Tribune to sell to Gannett

Investment firm Oaktree Capital Management is still pushing for the parent of the Los Angeles Times to sell to Gannett Co., sending a stinging letter Friday that indicates it has no confidence in Tribune Publishing’s current board and management.

In the letter, Oaktree, Tribune’s third-largest shareholder, asked the company to set up an independent committee to consider Gannett’s buyout offer of $15 a share, a deal the board rejected last month.

The L.A. investment firm said that the committee should be “free of any influence or affiliation” with Tribune Chairman Michael Ferro or Vice Chairman Patrick Soon-Shiong, who last...

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