Tribune approves spinoff of publishing company

Print
Email
|

Associated Press

Posted on July 15, 2014 at 9:05 AM

Updated Tuesday, Jul 15 at 9:06 AM

NEW YORK (AP) — Tribune Co. says it has approved a spinoff of its newspaper publishing business. It's expected on August 4.

It first announced plans to separate its television and print businesses a year ago.

The new company will be called Tribune Publishing Co. and include newspapers such as the Los Angeles Times and Chicago Tribune. Its shares are set to start regular trading on the New York Stock Exchange under the symbol "TPUB" on August 5.

Tribune, with 42 local TV stations and the WGN America cable channel, will operate under the name Tribune Media Co.

Shareholders of Tribune's Class A and Class B common stock and warrants will receive a quarter of a share of Tribune Publishing for each Tribune share they own.

Print
Email
|