Tribune Hires Bankers To Help Sell Metro Newspapers
Tribune Co. has taken another step closer to selling its newspapers with the retention of Evercore Partners and JPMorgan Chase to oversee
the auction, according to the company’s flagship Chicago Tribune.
The sale of Tribune’s newspaper properties -- including the Chicago Tribune, Los Angeles
Times, The Baltimore Sun, and five other daily newspapers -- was widely expected as a follow-up to the company’s bankruptcy reorganization plan. Ownership passed to creditors,
including Oaktree Capital Management, Angelo, Gordon & Co. and JPMorgan at the end of last year.
Tribune has been meeting with bankers about the planned sale since December,
according to an earlier report from Bloomberg. Potential buyers for the Chicago Tribune are rumored to include Rupert Murdoch’s News Corp. and Warren Buffett’s Berkshire
Hathaway.
So far, the latter’s recent newspaper acquisitions have not included any big metro dailies. (This week Berkshire Hathaway announced the acquisition of the Tulsa World,
circulation 95,000, in Tulsa, Oklahoma.)
In a sign of print media’s dwindling importance, Tribune Co.’s various publishing assets -- once the mainstay of the company --
now account for just $623 million of its estimated $7 billion valuation, according to Lazard, a financial advisory that works with Tribune. The bulk of the company’s valuation comes from its
broadcast TV properties -- including 23 TV stations -- and stakes in other media companies, such as the Food Network.
Not coincidentally, Tribune’s new bosses come from the TV
business, including CEO Peter Liguori, whose past experience includes a two-year stint as COO at Discovery Communications.
Evercore is having a busy year too. Earlier this month, the
company was retained by the New York Times Co. to help it sell The Boston Globe.
Recent MediaDailyNews Articles
-
Original 'Voice' Judges Return May 17, 5:41 p.m.
The original quartet of coaches for “The Voice” will return for the fifth season this fall. ... -
Van Wagner Partners With CineSport For Online Video May 17, 5:34 p.m.
Van Wagner Communications’ Sports and Entertainment division is joining forces with CineSport, partly owned by Van ... -
'Idol' Falls, 'Bang' Leads Thursdays May 17, 3:38 p.m.
TV broadcast networks environment is definitely shifting -- as evidence of last major night of the ... -
Sapient Revs Up 12%, Optimistic About 2013 May 17, 2:47 p.m.
Marketing services company Sapient reported first-quarter revenues of $292.6 million, up 12% from the same period ... -
KSE Finalizes Outdoor Channel Buy May 17, 11:08 a.m.
An entity controlled by sports entrepreneur Stan Kroenke has finalized its acquisition of the Outdoor Channel ... -
'Tonight' Still King Of Late-Night TV May 17, 10:49 a.m.
While NBC proceeds to sets up its late-night changes for next year, "The Tonight Show with ... -
U.S. Open Going Cable-Only, Moves To ESPN May 17, 9:18 a.m.
After decades on the network that saw stars from Ashe to Navratilova to Federer win, the ... -
USA Looks To Make Comedy King In The New Season May 16, 10:22 p.m.
What do you do when you’re the last network putting on the last event of the ... -
Comedy Central Goes Dark To Simulcast New Radio Channel May 16, 6:12 p.m.
For the first time since its tribute to Johnny Carson 20 years ago, Comedy Central will ... -
MGM Doubles Revs, 'Hobbit' Helps May 16, 5:56 p.m.
A big positive swing for MGM Holdings was seen in its first-quarter earning results, thanks to ...
Be the first to comment on "Tribune Hires Bankers To Help Sell Metro Newspapers"
Leave a Comment