Looks like the Koch Brothers won't be buying the LA Times after all...

[CaliforniaPeggy]

I spotted this in today's LA Times:

Tribune to spin off newspapers, focus on broadcast TV business


By Walter Hamilton and Meg James

July 10, 2013, 6:04 p.m.

Tribune Co. is getting out of the faltering newspaper business, but probably not the way it hoped.

The media giant announced Wednesday that it will spin off its publishing unit into a separate company, a maneuver that's likely to delay a long-expected sale of the Los Angeles Times. The spinoff could take nine months to a year to complete.

The new entity, to be called Tribune Publishing Co., would comprise The Times, the Chicago Tribune and six other daily papers. All other assets, including the company's real estate holdings and stakes in several Internet sites, would remain part of Tribune Co. The spinoff would be tax-free to Tribune shareholders.

Spinoffs are Wall Street's version of addition by subtraction. The steadily declining advertising revenue of Tribune's publishing unit cast a shadow over the entire company. Hiving off the papers eliminates that risk and raises the value of the company's television, radio and Internet properties.

~snip~

http://www.latimes.com/business/la-fi-tribune-spinoff-20130711,0,4023032.story

[CaliforniaPeggy]

1. Thanks for the recs, everybody...