Murdoch: Tribune papers likely to be sold, LA Times split off

November 30, 2015 08:27
Rupert Murdoch did not name the firm that would acquire the newspaper group or the timing of any deal. Photo: Bloomberg

Media magnate Rupert Murdoch said the Tribune Publishing Co.'s newspaper group will be bought by a Wall Street firm, while the Los Angeles Times will be split off and purchased by local investors including philanthropist Eli Broad.

He did not say on his verified Twitter account which firm would acquire the newspaper group or the timing of any deal, Reuters reported. He tweeted that he did not bid and had no interest.

Murdoch is co-chairman of Wall Street Journal publisher News Corp. and 21st Century Fox, the entertainment and broadcast group.

In September Tribune's board said the Los Angeles Times and San Diego Union-Tribune were "a cornerstone of our company's portfolio and a key component to our success in the future".

The Tribune Co. in September reduced its financial guidance for the year, which it attributed to challenges in Southern California. It replaced the Los Angeles Times publisher around the same time.

Other newspapers published by the Tribune Co. include the Baltimore Sun, Hartford Courant, SunSentinel and Orlando Sentinel.

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