Stewart Bainum and Hansjörg Wyss made a non-binding letter to acquire Tribune Publishing Company (NasdaqGM:TPCO) from Mason Slaine, Alden Global Capital LLC and others for approximately $700 million on March 16, 2021. Under the terms of transaction, Stewart Bainum will acquire Tribune Publishing at $18.5 per share in cash. Stewart Bainum prepared to commit $100 million in required equity financing through Charity of the total $650 million required financing, and sought a waiver of certain restrictions under the Bainum Confidentiality Agreement so that he would be able to discuss his offer with potential debt and equity financing sources in order to raise the remaining financing. Stewart Bainum is trying to assemble new financing for a $680 million offer to buy. Bainum remains committed to the bid by putting up $100 million of equity financing and plans to continue talks with potential equity financing sources. The transaction is subject to securing the necessary financing, satisfactory completion of due diligence and the negotiation of a definitive acquisition agreement, which is believed could be completed within two weeks after full access to necessary information. The Board of Tribune Publishing recommends its shareholders to vote in favor of Alden Global Capital LLC's agreement to acquire Tribune Publishing. Tribune stockholders do not need to take any action at this time. As of April 16, 2021, Hansjörg Wyss dropped out of the bidding for transaction. Tribune Publishing Company urge shareholders to vote against proposal at the special meeting of shareholders on May 21, 2021. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Stewart Bainum. Lazard acted as financial advisor and Harold Birnbaum of Davis Polk & and Wardwell LLP acted as legal advisor to Tribune. Lazard Frères & Co. LLC acted as fairness opinion provider to Tribune Publishing. Moelis & Company (NYSE:MC) acted as financial advisor to Alden Global Capital LLC.

Stewart Bainum cancelled the acquisition of Tribune Publishing Company (NasdaqGM:TPCO) from Mason Slaine, Alden Global Capital LLC and others on May 21, 2021.Stewart Bainum bid ended as the shareholders of Tribune voted in favor of Alden acquiring all the interest in Tribune Publishing Company. As of May 24, 2021, Alden Global Capital LLC completed the acquisition of Tribune Publishing. David D'Urso and Timothy Clark of Akin Gump Strauss Hauer & Feld LLP acted as legal advisor to Alden Global Capital LLC.