Bally’s, a hospitality and gaming giant, has offered a pretty penny to Tribune Publishing to leave the premises as the company is intending to redevelop the area into an entertainment complex that will feature a casino, accommodation, business amenities, and more.
The Publishing House Is Moving House
The price tag of the upcoming project is set at $1.7 billion. Bally’s is going to make a series of cash payments to finalize the deal, which sees the publisher leave the premises in 2024. Chicago Tribune, which is owned by Tribune Publishing, has confirmed the news in a lengthy report.
Originally, the media would have spent another decade before it freed up the quarters at Freedom Center, but this has been renegotiated as part of the deal. Tribune Publishing was originally loath to leave, and it decided on a stay order for another 10 years after its contract was set to expire in June.
However, the two companies reached an agreement when Bally’s confirmed that it will be actively involved in helping the publishing enterprise relocate and find a suitable location to set up shop. With this offer on the table, Tribune Publishing found the offer fair and accepted the settlement.
No Financial Details Provided in the Confirmation
The exact value of this agreement has not been published. “We have come to an agreement that instead of us presenting a site, picking it and then building it, they’ve agreed to just handle that themselves,” said Bally’s chairman Soo Kim who was actively involved with negotiating the deal and finding an amicable way for the two companies to settle the issue.
No information about upcoming printing plants has been announced so far. However, Tribune Publishing remains committed to pushing out physical copies of its journals and magazines. Tribune Publishing owns a number of prominent newspapers, including Chicago Tribune, The Baltimore Sun, Orlando Sentinel, and others.