The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

New York (AFP) — U.S. media conglomerate Tribune Co. on Tuesday approved the spinoff of its newspaper division — including the big Los Angeles Times and Chicago Tribune dailies — for August 4.

The new unit called Tribune Publishing Company will be publicly traded under the symbol TPUB, under a plan approved by the board of directors.

The parent firm, to be renamed Tribune Media Company and which is focusing on broadcasting through its WGN cable channel and local stations, will own 1.5 percent of the publishing unit after the spinoff. The media arm also includes digital assets such as the websites Cars.com and Careerbuilder.com.

The company became privately held after it emerged from bankruptcy in 2012. The reorganization allowed a group of hedge funds and banks based in Los Angeles and New York to take over the media company.

Sam Zell, a Chicago real estate titan, led an $8 billion leveraged buyout of the Tribune Co. in 2007 and the company declared bankruptcy the next year, $13 billion in debt.

In addition to the Chicago and Los Angeles dailies, the newspaper division includes The Baltimore Sun; the Sun Sentinel in Fort Lauderdale, Florida; the Orlando Sentinel; the Hartford Courant in Connecticut; The Morning Call in Allentown, Pennsylvania; and Daily Press in Hampton Roads, Virginia.

Tribune Co. discussed the possibility of selling its newspaper operations in a single transaction, but few buyers appeared to be interested in more than a single newspaper.

Some reports said media tycoon Rupert Murdoch, who controls News Corp. and its big dailies along with the media group 21st Century Fox, may be interested in the Los Angeles Times or the entire division.

Last July, Tribune Co. said it would spin off its newspaper division in a separate company “to maximize shareholder value.”

AFP Photo / David Mcnew

Interested in national news? Sign up for our daily email newsletter!

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Tyler Matzek

So the World Series has come around again, evoking the usual mixed feelings. For one thing, I don't have a team this year, although I'll be pulling for Atlanta in honor of my friend Lauren, a serious Braves fan I pretty much talked into baseball when she was my student. As a sometime athlete and a serious reader with a taste for complex narratives, she was a natural.

Also, the Houston Astros cheated. Bigtime. Cunning and crude, the team's 2017 electronic sign-stealing, trashcan-banging scheme tipping hitters to incoming pitches could have been designed by Vladimir Putin. It wouldn't have bothered me if several Astros had been banished from baseball like Pete Rose, whose compulsive gambling hurt mainly himself.

Keep reading... Show less

Mark Meadows

Reprinted with permission from Alternet

Legal experts including a Harvard professor and a top election and voting rights attorney are weighing in on Sunday night's bombshell report from Rolling Stone naming members of Congress and the Trump administration who were involved in the planning and organizing of the January 6 rally and/or "Trump's efforts to overturn his election loss," according to two of the planners of the "Stop the Steal" rally.

Keep reading... Show less
x
{{ post.roar_specific_data.api_data.analytics }}