Tribune Company Splits off Newspaper Unit
In an effort to boost the stock price of its television and Internet business, the Tribune Company announced Wednesday that it would spin off its faltering publishing unit (which includes the LA Times, Chicago Tribune and six other papers) into a separate company. The publishing unit, which is suffering declining revenues and has been up for sale since at least February, is seen as a drag on the value of the rest of the company.
The Los Angeles Times reports that the private sale of the newspapers is still a possibility. Interested bidders have included, among others, the Koch brothers.
The separate publishing company will be called the Tribune Publishing Company and the split could take as long as a year to complete.
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