{"id":401279,"date":"2020-12-16T16:04:09","date_gmt":"2020-12-16T21:04:09","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=401279"},"modified":"2020-12-16T16:04:09","modified_gmt":"2020-12-16T21:04:09","slug":"tribune-publishing-company-announces-sale-of-bestreviews-llc-to-nexstar-inc-for-160-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tribune-publishing-company-announces-sale-of-bestreviews-llc-to-nexstar-inc-for-160-million\/","title":{"rendered":"Tribune Publishing Company Announces Sale of BestReviews LLC to Nexstar Inc. for $160 Million"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"left\">CHICAGO, Dec.  16, 2020  (GLOBE NEWSWIRE) &#8212; Tribune Publishing Company (NASDAQ:TPCO) today announced that after a comprehensive sales process\u00a0Tribune and BR Holding Company, Inc. have entered into a definitive agreement to sell 100% of BestReviews LLC to Nexstar Inc., a wholly-owned subsidiary of Nexstar Media Group, Inc. (NASDAQ: NXST), for $160 million in cash. BestReviews LLC is owned 60% by Tribune and 40% by its founders, BR Holding Company, Inc.<\/p>\n<p>\u201cWe are pleased that through our majority ownership of\u00a0BestReviews\u00a0we have\u00a0created\u00a0substantial value for the BestReviews business and\u00a0Tribune Publishing shareholders.\u00a0While Tribune Publishing will not have an ongoing ownership interest, we look forward to a continuing commercial relationship with\u00a0BestReviews\u00a0as a partner in content and commerce,\u201d said Terry\u00a0Jimenez, CEO of Tribune Publishing Company and Chairman of\u00a0BestReviews. \u201cThis transaction provides a strong return on the investment that Tribune Publishing made less than three years ago and is enabled by a great team at\u00a0BestReviews\u00a0and the broader Tribune Publishing network of assets. This cash return strengthens our already robust balance sheet and provides financial and operational flexibility. We intend to provide a clear capital allocation strategy in the near future.\u201d<\/p>\n<p>Under the terms of the transaction, Tribune will receive 60% of the $160 million cash selling price net of transaction fees, subject to a customary working capital adjustment. Tribune will also enter a master services agreement for licensing and revenue sharing related to BestReviews content on Tribune Publishing websites. There will also be a customary transition services agreement to ensure a seamless transition of ownership and operations.<\/p>\n<p>The transaction is subject to Hart-Scott-Rodino clearance and customary closing conditions and is expected to close by the end of the 2020 calendar year.<\/p>\n<p>\n        <strong><br \/>\n          <u>About Tribune Publishing Company<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>Tribune Publishing Company (NASDAQ: TPCO) is a media company rooted in award-winning journalism.\u00a0 Headquartered in Chicago, Tribune Publishing\u00a0operates local media businesses in\u00a0eight\u00a0markets with titles including\u00a0the\u00a0Chicago Tribune,\u00a0New York Daily News,\u00a0The Baltimore Sun,\u00a0Hartford Courant,\u00a0South Florida&#8217;s\u00a0Sun Sentinel and Orlando Sentinel, Virginia\u2019s\u00a0Daily Press\u00a0and\u00a0The Virginian-Pilot, and\u00a0The Morning Call\u00a0of Lehigh Valley, Pennsylvania. In addition to award-winning local media businesses, Tribune Publishing operates Tribune Content Agency and TheDailyMeal.com.<\/p>\n<p>Our brands are committed to informing, inspiring and engaging local communities. We create and distribute content across our media portfolio and offer integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Investor Relations Contact:<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>Amy Bullis<br \/>312.222.2102<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=eNyc1qCOvWyM2OQbKSR9lNY_U3jkx9mCmUq4LPrMSN8POnKKdnP1ZLuiV4Am6Re9Pehddet0aGxQ_nfKS8jmg8lqAyUqMND9mggL-PaPHuU=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">abullis@tribpub.com<\/a>\u00a0<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Media Contact:<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>Max Reinsdorf<br \/>847.867.6294<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=39bkxlB2sPlIXX2yJGq1UszNR8obwTcJd5G8lTAlQGAszCX_84GEo7zqTcNojbouquWXR-hB-EuFcWKbDXvgHKwPlnhZT5ivtECn5Klepk0=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">mreinsdorf@tribpub.com<\/a>\u00a0<\/p>\n<p align=\"justify\">Source: Tribune Publishing<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMzQ4NSMzODg0Nzc5IzIwNTAxNDA=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/f36bce27-8477-4b66-a3f2-767a4c42cceb\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CHICAGO, Dec. 16, 2020 (GLOBE NEWSWIRE) &#8212; Tribune Publishing Company (NASDAQ:TPCO) today announced that after a comprehensive sales process\u00a0Tribune and BR Holding Company, Inc. have entered into a definitive agreement to sell 100% of BestReviews LLC to Nexstar Inc., a wholly-owned subsidiary of Nexstar Media Group, Inc. (NASDAQ: NXST), for $160 million in cash. BestReviews LLC is owned 60% by Tribune and 40% by its founders, BR Holding Company, Inc. \u201cWe are pleased that through our majority ownership of\u00a0BestReviews\u00a0we have\u00a0created\u00a0substantial value for the BestReviews business and\u00a0Tribune Publishing shareholders.\u00a0While Tribune Publishing will not have an ongoing ownership interest, we look forward to a continuing commercial relationship with\u00a0BestReviews\u00a0as a partner in content and commerce,\u201d said Terry\u00a0Jimenez, CEO of Tribune Publishing Company and &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/tribune-publishing-company-announces-sale-of-bestreviews-llc-to-nexstar-inc-for-160-million\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Tribune Publishing Company Announces Sale of BestReviews LLC to Nexstar Inc. for $160 Million&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-401279","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tribune Publishing Company Announces Sale of BestReviews LLC to Nexstar Inc. for $160 Million - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/tribune-publishing-company-announces-sale-of-bestreviews-llc-to-nexstar-inc-for-160-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tribune Publishing Company Announces Sale of BestReviews LLC to Nexstar Inc. for $160 Million - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CHICAGO, Dec. 16, 2020 (GLOBE NEWSWIRE) &#8212; Tribune Publishing Company (NASDAQ:TPCO) today announced that after a comprehensive sales process\u00a0Tribune and BR Holding Company, Inc. have entered into a definitive agreement to sell 100% of BestReviews LLC to Nexstar Inc., a wholly-owned subsidiary of Nexstar Media Group, Inc. (NASDAQ: NXST), for $160 million in cash. BestReviews LLC is owned 60% by Tribune and 40% by its founders, BR Holding Company, Inc. \u201cWe are pleased that through our majority ownership of\u00a0BestReviews\u00a0we have\u00a0created\u00a0substantial value for the BestReviews business and\u00a0Tribune Publishing shareholders.\u00a0While Tribune Publishing will not have an ongoing ownership interest, we look forward to a continuing commercial relationship with\u00a0BestReviews\u00a0as a partner in content and commerce,\u201d said Terry\u00a0Jimenez, CEO of Tribune Publishing Company and &hellip; Continue reading &quot;Tribune Publishing Company Announces Sale of BestReviews LLC to Nexstar Inc. for $160 Million&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/tribune-publishing-company-announces-sale-of-bestreviews-llc-to-nexstar-inc-for-160-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-16T21:04:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMzQ4NSMzODg0Nzc5IzIwNTAxNDA=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tribune-publishing-company-announces-sale-of-bestreviews-llc-to-nexstar-inc-for-160-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tribune-publishing-company-announces-sale-of-bestreviews-llc-to-nexstar-inc-for-160-million\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Tribune Publishing Company Announces Sale of BestReviews LLC to Nexstar Inc. for $160 Million\",\"datePublished\":\"2020-12-16T21:04:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tribune-publishing-company-announces-sale-of-bestreviews-llc-to-nexstar-inc-for-160-million\\\/\"},\"wordCount\":430,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tribune-publishing-company-announces-sale-of-bestreviews-llc-to-nexstar-inc-for-160-million\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODExMzQ4NSMzODg0Nzc5IzIwNTAxNDA=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tribune-publishing-company-announces-sale-of-bestreviews-llc-to-nexstar-inc-for-160-million\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tribune-publishing-company-announces-sale-of-bestreviews-llc-to-nexstar-inc-for-160-million\\\/\",\"name\":\"Tribune Publishing Company Announces Sale of BestReviews LLC to Nexstar Inc. for $160 Million - 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