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MUMBAI:
The ailment of newspapers in the US continues. After emerging
from a four-year old bankruptcy last year, Tribune Co., the
company that operates 23 television stations and eight newspapers,
has decided to put its newspaper business on the block as
it seeks to put more focus on its television business.
The
company has mandated investment banks Evercore Partners and
J.P. Morgan to find buyers for its newspaper business which
includes Los Angeles Times and Chicago Tribune.
Rupert
Murdoch’s News Corp. and BH Media Group, a subsidiary
of billionaire Warren Buffet's Berkshire Hathaway, are believed
to be possible bidders for the newspaper assets.
"There
is a lot of interest in our newspapers, which we haven't solicited,"
Tribune said in a statement. "Hiring outside financial
advisers will help us determine whether that interest is credible,
allow us to consider all of our options, and fulfill our fiduciary
responsibility to our shareholders and employees."
The
company’s broadcasting group operates 23 television stations,
WGN America on national cable and Chicago’s WGN-AM.
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