Hansjörg Wyss enters battle for traditional US newspaper
Hansjörg Wyss is one of the wealthiest people in Switzerland. He is also one of the most generous when it comes to meaningful projects. His latest project involves a long-established U.S. newspaper that the entrepreneur and patron of the arts intends to purchase.
The 85-year-old Bernese is joining the takeover battle for Chicago newspaper group Tribune Publishing, which is in danger of being taken over by New York hedge fund Alden Global Capital. Together with Maryland hotelier Stewart W. Bainum Jr., Wyss plans to put up about $680 million to buy the group, Tribune Publishing announced on Easter Monday.
In addition to the flagship Chicago Tribune Around a dozen other newspapers, including the South Florida SunSentinal, the Hartford Courant, The New York Daily News or The Baltimore Sun.
Wyss recently explained his motives in the Chicago Tribune himself, "I don't want to see another newspaper that has a chance to bring more truth to the American people go down the drain."
Because this is what is feared if the hedge fund Alden, which already holds almost 32 percent of Tribune Publishing's shares, takes over the group completely. According to Alden Tribune known for drastically cutting costs at the newspapers it controls through its MediaNews Group subsidiary.
Wyss and his partner have now submitted a non-binding offer and outbid an offer from Alden. But whether the takeover will work remains to be seen. But the chances are good, they say. The current owners are open to talks.
Charitable donor since Synthes sale
Wyss made his fortune by selling his life's work Synthes. Around ten years ago, he sold his shares in the orthopedics group to the US pharmaceutical giant Johnson & Johnson for around ten billion dollars.
Since then, Wyss has regularly made headlines with generous donations. For example, he has donated several hundred million dollars for environmental protection in the USA. He has also donated tens of millions to the ETH and the universities of Zurich and Geneva, and to the Bern Museum of Art. Wyss is also a member of "The Giving Pledge. This commits him to donating at least half of his assets to charity. (SDA)
