Report: Apollo Global Management eyes Tronc
Private equity firm Apollo Global Management has interest in buying newspaper conglomerate Tronc, according to The New York Post. Axios has since confirmed the interest.
Bottom line: Apollo has a reputation for buying distressed assets, but private equity firms have generally shied away from buying consumer-facing print media. Particularly ones that don't own most of their real estate.
Tronc has been plagued by controversy for months leading up to a potential sale. The NY Post report comes the day after the ouster of Tronc's chief content officer and several other layoffs.
The company also is in the midst of selling two of its biggest properties, the LA Times and San Diego Union-Tribune, to billionaire Patrick Soon-Shiong. The Apollo report might give Tronc some leverage in those negotiations, although the NYP says neither side can back out and Tronc executives have said a final agreement is imminent.