Equity Firms Selling Off Up To 25% Of Their Stakes In Tribune Media In Secondary Offering
April 8, 2015 at 7:07 AM (PT)
TRIBUNE MEDIA COMPANY has announced a secondary offering of 9,240,073 shares of Class A common stock being sold off by OAKTREE CAPITAL MANAGEMENT, L.P., ANGELO, GORDON & CO., L.P., and JPMORGAN CHASE BANK, N.A., representing about 25% of their stakes in the company.
The registration filed with the FCC also gives the underwriters group, including MORGAN STANLEY and J.P. MORGAN SECURITIES, an option to buy up to 1,386,010 additional shares of Class A common stock. The money raised by the sale, which could be as much as $654 million, will not accrue to the company.