Engine Capital Urges Tribune To Sell Non-Core Assets, Authorize Share Buyback

(RTTNews) - Engine Capital LP on Thursday urged the board of Tribune Publishing Co (TPUB) to sell its valuable non-core assets, and also authorize a share repurchase program. Engine Capital, together with its affiliates, owns in excess of 1.5% of the outstanding shares of Tribune.

Engine Capital said that although Tribune has only been public for a limited time, it wants the company to communicate its investment thesis, given that few market participants are aware of the company's valuable non-core assets.

In response, Tribune said it welcomes the opinions of its stockholders and is open to constructive input toward the goal of enhancing stockholder value.

"Our Board of Directors and management team regularly review the company's business priorities and opportunities, including capital allocation, and assess a variety of strategic options. We are committed to driving value for all Tribune Publishing stockholders and will continue to consider actions to achieve this important objective," Tribune said.

Tribune, based in Chicago, is a diversified media and marketing solutions company that delivers innovative experiences for audiences and advertisers across all platforms.