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Murdoch Speculates That Tribune Is For Sale; Tribune Denies It

1 Dec 2015 | Author: Business | No comments yet »

L.A. Times owner denies sale rumor.

Tribune Publishing Company, owner of the Los Angeles Times and San Diego Union-Tribune, shot down a rumor Monday that it is about to be bought by a Wall Street firm. “Tribune Publishing remains committed to its strategy and transformation plan and is not engaged in discussions or a process to sell the company,” the company’s management said in an email to employees that was disclosed in a regulatory filing.

After Murdoch’s tweet, media analyst Ken Doctor, citing confidential sources, reported in Politico that Apollo Global Management, a New York private equity company, approached Tribune about a purchase last month but Tribune has been “nonresponsive.” Some Wall Street analysts expressed doubt that Tribune is in play, noting the company’s poor economic performance. In a Nov. 16 regulatory filing, Tribune stated that its largest shareholder, Oaktree Capital, OAK -0.10 % was prepared to sell all or some of its 17.9% stake in the publishing group. A person familiar with the matter said the announcement was triggered by the end of the lockup period following its spinoff last year from the broadcast business, Tribune Media.