Tribune to Spin Off Newspapers by Midyear Bloomberg
Tribune is expected to spin off its newspapers by midyear, allowing the company to focus on its broadcast television business, reports Bloomberg.
Chief Executive Officer Peter Liguori is considering the second quarter or early third quarter for the spinoff, giving Tribune some time to find an executive to run the print operations, the story says.
“Tribune is lining up a potential replacement should Eddy Hartenstein, the publisher of the Los Angeles Times and adviser to Liguori, decline to run the new company,” the story notes. “Hartenstein, who is 63 years old, was appointed head of Tribune during its bankruptcy and was replaced by Liguori last year. The company hasn’t officially indicated when it will separate the newspapers or if the new entity’s stock will be traded. Tribune itself is traded on the over-the-counter market.”
The newspapers include the Los Angeles Times and Chicago Tribune.