Tribune might sell its 25 major TV stations
September 25, 2006
The Tribune Company, a major owner of American broadcast and print properties, said last week it might sell any or all of its media properties. In addition to 25 major market TV stations and the Chicago Cubs baseball team, the company owns some of the nation's largest newspapers, including “The Los Angeles Times,” “The Chicago Tribune” and “The Baltimore Sun.”
Last week, Tribune’s board approved an agreement with the Chandler family, its largest shareholder, which would allow any of several possibilities, including complete breakup of the company. The board appointed a committee “to oversee management’s exploration of alternatives for creating additional value for shareholders.”
The company said it expected its exploratory process to conclude by the end of the year.
Selling Tribune’s properties as a whole may not be possible. In a recent analysis of Tribune’s options reported by “The New York Times,” Goldman Sachs said it saw “few, if any buyers for the company in its current form.”