UPDATE 1-Tribune Publishing says not in talks to sell itself after Murdoch tweet

30 Nov 2015 | Author: | No comments yet »

Tribune Publishing says it’s not in talks to sell its newspapers.

NEW YORK (CNNMoney) – Batting down rumors of an impending sale, Tribune Publishing says it is “not engaged in discussions or a process to sell the company.” It was meant to reassure anxious staffers at newspapers like The Los Angeles Times and The Chicago Tribune, several days after Rupert Murdoch tweeted what he was hearing about a sale.

Indeed, according to the noted industry analyst Ken Doctor, the private equity firm Apollo Global Management “first approached Tribune Publishing about a month ago, telling board chair Eddy Hartenstein of its interest in buying the company.” But “after receiving that expression, Tribune Publishing has been ‘non-responsive,’ unwilling to schedule meetings or provide deeper-than-public financials,” Doctor reported over the weekend. The company has repeatedly objected to business proposals that would break up its chain of papers — from The Baltimore Sun on the East Coast to The Times out West. At that point Austin Beutner, who is supportive of a breakup and was fired by Tribune in September, could be restored as the publisher of the California papers.

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