Media business reporter Rupert Murdoch has scooped us all with a tweet Friday saying he has “strong word” that Tribune Publishing is being sold to a Wall Street firm and the Los Angeles Times spun off to a local group.
Strong word Tribune newspaper group to be bought by big Wall St firm, LA Times to go to philanthropist Eli Broad and local group.
— Rupert Murdoch (@rupertmurdoch) November 27, 2015
Well, maybe. As rumors go, this one has a certain plausibility. Consider:
- Oaktree Capital Management, the largest shareholder in Tribune Publishing with an 18 percent stake indicated earlier this month in a securities filing that it is considering selling its shares. Earlier an Oaktree source was equivocal in support of CEO Jack Griffin’s year-plus tenure in which shares have lost more than half their value.