Tribune Papers On The Block
February 27, 2013 at 3:58 AM (PT)
CNBC is reporting that TRIBUNE CO. has hired JPMORGAN CHASE and EVERCORE PARTNERS to sell its newspapers.
"There is a lot of interest in our newspapers, which we haven't solicited," said TRIBUNE spokesman GARY WEITMAN. "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 papers in TRIBUNE's portfolio include the CHICAGO TRIBUNE and RED EYE, LOS ANGELES TIMES and a network of weeklies in LOS ANGELES and ORANGE COUNTIES, BALTIMORE SUN. SOUTH FLORIDA SUN SENTINEL, ORLANDO SENTINEL, NEWPORT NEWS DAILY PRESS, ALLENTOWN MORNING CALL, HARTFORD COURANT, and Spanish-language HOY in LOS ANGELES and CHICAGO, and EL SENTINEL in ORLANDO and SOUTH FLORIDA. It owns one radio station, Talk WGN-A/CHICAGO, and several television stations, which are not included in the properties being shopped in the present action.