Tribune completes spinoff, changes name

SHARE Tribune completes spinoff, changes name

The Tribune Co. on Monday completed the spinoff of its newspaper business and changed its name to Tribune Media Co.

The move had been expected. Tribune first announced plans to separate its television and print businesses a year ago. The company has said the move will let one company take advantage of growth in broadcasting and allow the other to focus on newspapers, an industry where revenue has been declining for years.

News Corp. and Time Warner Inc. have recently split into separate publishing and entertainment companies.


Tribune Publishing looks to buy more newspapers

Tribune Publishing could be worth $635 million: analyst

A news giant going it alone (The New York Times)


Tribune Media Co. will operate 42 local TV stations and the WGN America cable channel, and start trading under the ticker TRBAA.

It’s newspaper arm will be called Tribune Publishing Co. and include newspapers such as the Los Angeles Times and Chicago Tribune. Its shares are set to start regular trading on the New York Stock Exchange under the symbol “TPUB” on Tuesday.

The Tribune Co. was founded in 1847 when the Chicago Tribune was first published, and grew rapidly in the 1980s and 1990s into a media conglomerate with TV stations and newspapers across the country. But the company’s newspapers have been hurt by an industrywide shift that has driven more advertisers to the Internet. The decline in print advertising, heavy debt and the economic downturn led Tribune to file for Chapter 11 bankruptcy protection in 2008. It emerged from bankruptcy at the end of 2012.

THE ASSOCIATED PRESS

The Latest
Lady Gaga at Wrigley, the Bud Billiken Parade, Dance for Life and a ‘Zorro’ musical are among the cool things to see and do in the week ahead.
The Brandon Road Lock and Dam project near Chicago is needed to prevent carp from wreaking ecological and economic havoc on the country’s largest source of fresh water.
It’s one thing to request a trade, it’s another to issue a 343-word public screed that accuses your new bosses of being “focused on taking advantage of me” and refusing to negotiate in good faith. And to demand that you be sent to an “organization that genuinely values what I bring to the table.”
The Big Ten’s new media rights deals are not yet finalized, but the conference is moving toward contracts with Fox, NBC and CBS.
The federal government will be delivering $5 billion over the next five years across the country — with Illinois receiving over $148 million — so states can build out electric vehicle charging infrastructure to support climate-friendly modes of transportation.