Chicago Tribune Offers 30% Premium to Acquire DailyHerald: IL Newspaper ESOP

Chicago Tribune has launched a direct bid to acquire Paddock Publications' employee-owned Daily Herald, offering a 30% premium over any other offer. The Tribune's full-page ad directly addresses DailyHerald ESOP holders, inviting them to encourage management to accept the highest and best sale price. The DailyHerald, Illinois' third-largest daily newspaper with a current circulation of 52,410, is considering a sale following a January 6 filing by Paddock Publications. The Tribune, which acquired the DailyHerald's printing at the Schaumburg plant in 2023, is not commenting publicly. Shaw Media, a family-owned regional publisher with a portfolio of smaller Illinois papers, is among potential bidders, though it has not commented. State law, effective January 1, 2025, requires 120 days' notice to employees and local authorities before a sale, reflecting efforts to protect local journalism amid a statewide decline in print newspapers.