Articles about "Tribune Co."

Forbes: Newhouses’ fortune increases

Advance Publications owners Donald and Samuel "Si" Newhouse added to their fortunes last year, Forbes reports in its annual list of America's richest people. Forbes estimates Donald Newhouse's net worth as $8.2 billion. It was $6.6 billion in the previous year's list.

Si Newhouse placed a little higher, with a net worth of $8.9 billion. It placed him at $7.4 billion last year. Donald is the nation's 52nd richest person, Forbes says (he was 51 last year) and Si is No. 46, the same spot he had the year before.

Other media types on the list: (more...)
New Newspaper Owners

Dodgers owner on Los Angeles Times: ‘If the price were right, I would buy it’

The Los Angeles Times
Dodgers owner Mark Walter says he's interested in buying the Los Angeles Times and the Chicago Tribune, "in part because he is interested in increasing the diversity and improving the quality of information available to the public," Bill Shaikin writes.

"The Los Angeles Times says something," Walter said before the Dodgers played the Boston Red Sox at Dodger Stadium. "It means something. It's a brand. I think people have undervalued that. If the price were right, I would buy it."
Walter is the CEO of Guggenheim Capital, LLC. Tribune Co., which owns both papers, has been exploring a sale of its newspaper properties but is said to prefer to sell them together. Some of its other newspapers are The Baltimore Sun, The Hartford Courant and the Orlando Sentinel.

The billionaires Charles and David Koch were interested in buying Tribune's papers but they abandoned negotiations. As a policy matter, we never comment about speculation regarding the company or any of its business units," Tribune spokesperson Gary Weitman said about the Walter report via email.

Red Sox owner John Henry recently agreed to purchase The Boston Globe, and Tribune Co. used to own the Chicago Cubs. Poynter's Rick Edmonds recently wrote that he had previously likened wealthy people buying newspapers to wealthy people buying sports franchises: "more fun than owning a bond and a high-visibility good deed for your community as well."

Who abandoned negotiations first: Koch brothers or Tribune?

The Daily Caller | The Wrap | The New York Times | Los Angeles Times | Free Press
Charles and David Koch walked away from negotiations to buy Tribune Co.'s newspapers because digital assets like CareerBuilder and Classified Ventures wouldn't convey with the sale, Josh Peterson reported in The Daily Caller Thursday afternoon.

“They’re basically such an important part of the revenue,” a "source with knowledge of the proceedings" told Peterson, “in a way that if they sold them, it goes away.”

Peterson says "both parties walked away from the negotiations" and a source tells him the Koch brothers lost interest "a couple months" ago. But "An executive close to the situation" told The Wrap's Sara Morrison "Tribune stepped away from the idea of selling to the Koch brothers two months ago." (more...)

Editor Mark Russell to leave Orlando Sentinel

Orlando Sentinel | Jim Romenesko
Orlando Sentinel Editor Mark Russell is leaving the paper "as part of a restructuring," Jason Garcia reports. His responsibilities will pass to Avido Khahaifa, whose title will remain director of content. Khahaifa is also director of content for the Sun Sentinel.

Sun Sentinel Editor Howard Saltz will now report to Publisher Howard Greenberg, Greenberg says in a memo to staffers.

The Tribune Co.-owned newspaper named Russell editor in 2010. He replaced Charlotte Hall, who retired. At the time, Khahaifa said promoting Russell was an "easy decision." Russell has been with the paper since 2004.

Petitioners ask FCC to block Gannett-Belo deal

Free Press | Variety
Gannett and Belo are trying to get around FCC cross-ownership rules by transferring broadcast licenses to shell companies, Free Press and other groups say in a petition asking the FCC to block the companies' planned merger.

Gannett announced in June it would buy Belo, making it the fourth-largest owner of major network affiliate stations. The company already owns many newspapers. Investors have cheered the deal.

Time Warner Cable, the American Cable Association and DirecTV have also filed a petition opposing part of the deal, Ted Johnson reports. Those entities say "the deal threatens to drive up retransmission fees and risk even more station blackouts in negotiation standoffs," Johnson writes.

"These arrangements attempt to mask the true intent and effect of the transaction: to allow Gannett to simultaneously influence and control multiple media outlets in the same local market in a way that is contrary to the public interest and otherwise prohibited by the Commission’s rules," Free Press' petition (embedded below) says. (more...)
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Chicago Sun Times Photographer Layoffs

Proposed Tribune split may be bad news for Sun-Times’ owner

Tribune announced Wednesday that it intends to split into two companies. So what does that mean for Tribune print properties and the entities that aim to acquire them?

Trouble for the Chicago Sun-Times' owner: That's according to Lynne Marek, who says Wrapports LLC's hopes to buy The Chicago Tribune now appear more farfetched.

Tribune's broadcasting arm would likely keep the newspaper division's real estate and the company's investments in digital assets like CareerBuilder, lowering the value of The Chicago Tribune and thus any price Wrapports might pay, but the move also appears to kick a newspaper sale down the road. And the Sun-Times is losing money right now.

The biggest financial concern for the company is the hefty $70 million a year it must pay a year to Chicago Tribune to print and distribute the Sun-Times papers. While the company has explored printing alternatives, its contract with its larger rival runs for about two more years. After that, Sun-Times would have leeway to explore less expensive options, even a reduction in printing.
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Tribune will pursue split of publishing and broadcasting companies

Tribune Co. | Los Angeles Times | The New York Times
The Tribune Company intends to separate its broadcasting and publishing divisions, the company announced Wednesday. The Tribune Publishing Company will operate the company's print assets, and the Tribune Company will operate its broadcast properties.

Tribune recently purchased 19 more television stations. It is considering a sale of its print properties. (more...)
Recording Live talk show at television studio

Tribune Co. to buy 19 TV stations in 2.7 billion deal

Los Angeles Times
Tribune Company has agreed to buy 19 television stations from Local TV Holdings in a $2.7 billion deal announced Monday.

The move means that Tribune will now own a total of 42 television stations, reports the Los Angeles Times' Meg James. The stations are in 16 markets, including Cleveland, Kansas City and Salt Lake City.

James reports:

Tribune also would have five CBS affiliates, three ABC affiliates and two NBC stations. The company would own 14 stations in the nation's top 20 markets. The deal would benefit the company by increasing its footprint in such important political battleground states as Ohio, Virginia, Colorado and Pennsylvania.  In past election years, stations in pivotal states have attracted a wealth of campaign spending.

Tribune Co. appeals tax bills

The Chicago Tribune
Tribune Co. has begun to appeal an IRS notice that says the company owes taxes on its sales of the Chicago Cubs and Newsday, Robert Channick reports.

Tribune sold the properties under a Byzantine plan engineered by former owner Sam Zell. The appeals process could take years, Channick writes. The IRS has challenged the Newsday transaction and is auditing the company's 2009 return.

If the company loses both cases, Channick writes, "that would bring the total tax bill to more than $500 million, a significant amount for Tribune Co., which emerged from Chapter 11 with about $625 million in working capital after distributions."

Zell "has no liability for the tax bills, which stay with Tribune Co.," Channick reports. "Efforts to reach Zell for comment were unsuccessful."

Previously: Fortune: Tribune Co. could owe IRS more than half a billion

Fortune: Tribune Co. could owe IRS more than half a billion

Allan Sloan found something "Buried in the tax footnotes" of the financial results Tribune Co. released Monday: The IRS and other authorities are seeking nearly $300 million in taxes and penalties from former owner Sam Zell's 2008 deal to sell Newsday to Cablevision.

And the company's potential troubles don't end there. Tribune sold its interest in the Chicago Cubs using a similar deal structure, and it's being audited. "Apply the same penalties as the IRS is seeking in the Newsday deal, and the total exposure is about $300 million," Sloan writes. (more...)