Bloomberg News

Tribune Has No Current Plans to Sell More Newspapers

March 08, 2007

Tribune Co., owner of the Los Angeles Times and the Chicago Tribune, said it has no current plans to sell more of its newspapers after agreeing to sell the Stamford Advocate and Greenwich Time to Gannett Co.

With the $73 million sale, announced on March 6, Chicago- based Tribune exceeded a plan set last year to dispose of $500 million in assets. The company is separately considering a possible sale or breakup.

``While the special committee of our board of directors continues to oversee Tribune's exploration of strategic alternatives, we have no current plans to sell additional newspapers,'' Scott Smith, president of Tribune Publishing Co., said today in an e-mailed statement.

Shares of Tribune, the second-largest U.S. newspaper publisher after McLean, Virginia-based Gannett, dropped 14 cents to $29.93 at 4:01 p.m. in New York Stock Exchange composite trading. They have declined 2.8 percent this year.

To contact the reporter on this story: Don Jeffrey in New York at djeffrey1@bloomberg.net.

To contact the editor responsible for this story: Emma Moody at emoody@Bloomberg.net.


Reviving Keynes
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus