The word: Tribune wants to sell newspapers
December 12, 2012
Tribune Co. may be ready to unload its namesake, along with a number of other newspapers.
As the company readies to emerge from bankruptcy, new reports say the company is in early discussions with several suitors, including News Corp.’s Rupert Murdoch, to sell its papers.
The company is slated to get out of bankruptcy on Dec. 31 under a new coalition of owners including JPMorgan Chase, Oaktree Capital Management and Angelo, Gordon & Co.
Tribune owns eight daily papers, including the Chicago Tribune, Los Angeles Times, Baltimore Sun and Hartford Courant.
Murdoch’s interest comes as News Corp. prepares to split into two companies, one of which will house its publishing interests, including The Wall Street Journal and New York Post.
Freedom Communications has also expressed interest in the Tribune papers, according to reports.
The potential selloff comes at a time of struggle for newspapers, whose ad revenue has been in decline since 2006. A number of papers, including Tribune’s, have begun instituting online paywalls in an attempt to monetize their digital product, but so far that’s not stemming the losses from print.
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