Hansjörg Wyss drops out of bidding war for Tribune Publishing
According to a press report, billionaire Hansjörg Wyss has withdrawn from the bidding consortium seeking to acquire the Chicago-based newspaper group Tribune Publishing. The Chicago Tribune reported this over the weekend, citing well-informed sources.
Wyss' partner, the American hotelier Stewart W. Bainum Jr., remains on the ball, reported the Chicago Tribunewhich, as the flagship of the newspaper group, is directly affected by the events. Wyss informed Bainum of his withdrawal last Friday.
The reason: the 85-year-old from Bern has realized that his long-term plan to Chicago Tribune into a national publicationwould be "extremely difficult" to achieve without a major investment. No statement was available from the parties involved.
Shortly after Easter, Wyss and Bainum submitted a non-binding offer of 680 million dollars to buy the group. This was intended to prevent the newspapers from falling into the hands of the New York hedge fund Alden Global Capital. The latter already holds almost 32 percent of the shares and is making its own offer for the remaining shares.
On an earlier occasion, Wyss explained his reasons for getting involved as follows: "I don't want to see another newspaper go down the drain that has the chance to convey more truth to the American people."
Wyss is one of the richest Swiss - and one of the most generous. 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, as well as the Bern Art Museum. Wyss is also a member of "The Giving Pledge". He has pledged to donate at least half of his fortune to charity. (SDA)
