Tribune Co. Looking For Bankers To Sell Newspaper Interests
By Chuck Sudo in News on Dec 11, 2012 10:45PM
Tribune Co. is seeking an adviser to sell its newspaper assets once the company is expected to exit bankruptcy Dec. 31 and, according to Bloomberg, is interviewing bankers for the position.
Citing anonymous sources because the discussions are private, Bloomberg reports Tribune may look for a quick influx of cash by selling some of the company's smaller newspapers, while holding on to larger recognized papers like the Chicago Tribune and Los Angeles Times for the time being. Reports surfaced in October that News Corporation Chairman Rupert Murdoch was interested in purchasing the Tribune and especially the Times once Tribune Co. emerged from bankruptcy.
U.S. Bankruptcy Judge Kevin Carey, who's been presiding over the nearly four-year contentious bankruptcy that resulted from Sam Zell's 2007 $8.3 billion leveraged buyout of Tribune Co., approved a plan in July that would transfer ownership of the media company to an investment group led by JPMorgan Chase & Co.; hedge fund group Oaktree Capital Management; and Angelo, Gordon & Co., a capital firm that invests in struggling companies.