Tribune Co. filed a form with the U.S. Securities and Exchange Commission Monday outlining its plans to spin off its publishing company. Tribune also owns TV stations, and separating its holdings this way "would enable Tribune Co. to offload its publishing assets while avoiding the large capital gains tax it would incur from an outright sale of the newspapers," Robert Channick writes.
The new company will be called Tribune Publishing and will own Tribune's newspapers, which include The Chicago Tribune, the Los Angeles Times, The Baltimore Sun and The Hartford Courant. "We expect acquisitions to continue to be an important component of our business strategy," the company notes in its filing.
The SEC filing also breaks down some categories that were previously rolled in with company-wide results. (more...)