BALTIMORE — A Maryland businessman has offered to buy the Tribune Publishing media company that owns The Baltimore Sun, the Chicago Tribune and other newspapers.
The Baltimore Sun reported Wednesday that hotel executive Stewart Bainum Jr. has offered $650 million for the company.
But the Chicago-based newspaper company’s board has already endorsed a $630 million offer from another bidder, New York hedge fund Alden Global Capital.
The board, however, gave Bainum the green light to pursue financing for his bid.
Bainum has already said that he wants to buy The Sun and turn it into a nonprofit.
He is the chairman of Maryland-based Choice Hotels International.
Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
