SoftBank may bid for Tronc newspaper chain
A New York Daily News with the headline "TRONC BUYS THE NEWS" is seen on a newsstand in New York City, U.S., September 5, 2017. (Reuters)
SoftBank, the Japanese investment firm that owns a majority of Sprint, is reportedly one of the potential suitors for newspaper group Tronc.
Tronc, whose list of newspapers includes the Chicago Tribune, Los Angeles Times and New York Daily News, is said to be in acquisition talks with multiple companies from the private equity, media and technology sectors. The company has received buyout interest from Apollo Global Management, Gannett and SoftBank, according to an Axios report on Monday.
A spokesperson for SoftBank hadn’t responded to a request for comment from FOX Business at the time of publication.
Shares of Tronc jumped almost 11%.
In addition to its majority ownership of mobile carrier Sprint, SoftBank has backed such startups as Uber, bought chip maker ARM Holdings and purchased asset manager Fortress Group. Through the Fortress deal, SoftBank became the parent company of GateHouse Media, a chain of local newspapers.
Tronc has a market value of roughly $670 million.