Business
Swiss billionaire Hansjoerg Wyss has decided to drop out of a group that was bidding for Tribune Publishing Co (TPCO.O), the New York Times and Bloomberg News reported on Saturday.
The decision was made in recent days after Wyss' associates examined the Tribune's finances as part of a due diligence process, according to the NYT report, which cited people with knowledge of the matter.
Wyss had come to believe it would be difficult for him to realize his ambition of transforming The Chicago Tribune, the paper he was most interested in, into a national publication, the New York Times said.