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Newspaper publisher Gannett is offering to buy Tribune Publishing Co. for approximately $388.3 million.

Gannett Co. is offering $12.25 in cash for each Tribune share. That’s a 63 percent premium to Tribune’s Friday closing price of $7.52.

The companies put the deal’s total value at about $815 million, which includes about $390 million of outstanding debt.

Gannett, which is based in McLean, Virginia, owns the USA Today and other newspapers. Tribune’s properties include the Los Angeles Times, Chicago Tribune and other newspapers.

Gannett also owns York Newspaper Company.

Last month Tribune announced a reorganization, naming each of its newspapers’ editors as dual editors-in-chief and publishers. In February the Chicago-based company named Justin Dearborn as its new CEO, replacing Jack Griffin less than two years after he joined the business.

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