The Tribune Co. is about to become two companies.
The Chicago Tribune reported this morning that the media company plans to divorce its publishing arm—which is the home to eight daily newspapers, including the Los Angeles Times, the Tribune and the Baltimore Sun—from its TV broadcasting division. The newspaper division will be called Tribune Publishing Co.
The company has been aggressively expanding its TV offerings, most recently with a $2.7 billion deal to buy 19 stations. Tribune Co. now owns 42 TV stations, including the national superstation WGN.
In a statement, Tribune Co. CEO Peter Liguori said separating the two parts of the company “is designed to allow each company to maximize its flexibility and competitiveness in a rapidly changing media environment.”