Proxy Advisory Firms Recommend Tribune Shareholders To Reject Gannett's Withhold Vote Campaign

Tribune Publishing Co. TPUB revealed Wednesday that Glass, Lewis & Co., a leading independent proxy voting and corporate governance advisory firm, recommended its shareholders vote "For" all of its directors. The company indicated that the proxy firms would not support Gannett Inc's GCI withhold campaign. Tribune said that the Glass Lewis report followed the recommendation from Institutional Shareholder Services Inc., another leading independent proxy voting and corporate governance advisory firm that its shareholders vote "For" the majority of Tribune's directors. The media firm's CEO, Justin Dearborn, reacted to say, "The Glass Lewis recommendation provides further validation that the Board's measured and thorough response to Gannett's proposals was appropriate and in the best interests of shareholders. Two leading proxy advisors – Institutional Shareholder Services and Glass Lewis – have now advised shareholders to ignore Gannett's illusory withhold campaign. Our Board remains committed to creating superior value for all shareholders." The company quoted the Glass Lewis comment that "…we believe Tribune's depressed pre-announcement valuation, the brief tenure of a substantially reconstituted board and what appears to be at least a reasonable engagement effort by Tribune collectively provide little decisive basis upon which to suggest shareholders should support Gannett's campaign. This perspective is redoubled with reference to the fact that Tribune investors, and the market more generally, have been afforded very little time to fully assess the viability of a strategic pivot initiated just three months ago." The latest move by the proxy firms meant that there are bright chances of the company's Directors getting election at its upcoming annual shareholders meeting. In the pre-market trading on Wednesday, TPUB traded 1.67 percent higher.