Tribune Co. publishing division to strike out on its own
Monday, August 04, 2014 10:59 AM
After spending years in the shadow of bankruptcy proceedings, management turmoil and its more prominent broadcasting stations, the Tribune Co.'s publishing division, which includes well-known newspapers like the Los Angeles Times and the Chicago Tribune, is striking out on its own, the New York Times reports. The print properties are being spun off into a new company, Tribune Publishing, which starts trading on the New York Stock Exchange, under the symbol TPUB, on Tuesday. The parent Tribune Co. plans to continue on essentially as a television business, having accumulated 42 TV stations. Spinning off troubled print divisions has become a popular model for big media companies in the last year. Some sources, including The Wall Street Journal, (subscription required) have speculated that Gannett Co. Inc., owner of The Des Moines Register, might follow suit, especially after it purchased Belo Corp. to increase its TV portfolio.