Tribune Co. expects to spin off its newspaper operations into a separate, publicly-traded company Aug. 4.
Shares of the new company, Tribune Publishing Co., are expected to trade on the New York Stock Exchange under the symbol “TPUB.” The company will own the Chicago Tribune and seven other daily newspapers. The spinoff date was announced Tuesday by Tribune Co.
Tribune Co. will keep its radio and television operations and rename itself Tribune Media Co.
Tribune Co.’s name change was approved at a shareholders meeting Monday in Los Angeles. Shareholders also elected Laura R. Walker to a three-year term on the board of directors. The president and CEO of New York Public Radio replaces Eddy Hartenstein, who will be non-executive chairman of Tribune Publishing after the spinoff.
When Tribune Publishing is formed, it will start with $350 million in debt, with a bulk of it being paid as a $275 million dividend to Tribune Media Co.
Tribune Publishing will take on a $140 million of revolving credit and a total of $50 million in letters of credit when the split happens. Tribune Publishing also will pay more than $30 million a year in office rent to Tribune Media Co.
Tribune Co. announced plans a year ago to spin off its newspapers.