Tags: tribune | newspaper | sales

Tribune Plans No More Newspaper Sales in 2008

Thursday, 24 Jul 2008 03:14 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

NEW YORK — Tribune Co has no plans to sell other newspapers in 2008 after agreeing to sell Newsday to Cablevision Systems Corp, Chief Executive Sam Zell told employees on a conference call.

The $650 million sale of Newsday on Long Island, New York, is the only newspaper deal on the agenda for 2008, said the Chicago real estate tycoon. The news was first reported by The Hartford Courant, a Tribune newspaper in Connecticut, on Wednesday.

A Tribune spokesman confirmed the Courant's account.

Zell told employees that he has had "intermittent conversations" with people interested in other Tribune properties, but would not describe the discussions, the Courant reported.

A group of buyers has publicly expressed interest in The Sun in Baltimore, while the only public potential bidder to surface for the Courant has since said a deal would make no financial sense.

Tribune is selling properties, including the Chicago Cubs, as it tries to pay down about $13 billion in debt that it took when it went private in a deal led by Zell.

Zell started examining asset sales and began cutting jobs after newspaper advertising revenue declines became worse than expected, making it harder for Tribune to make its debt payments.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Health Institute's Troy: US Healthcare Aided Doctor With Ebola

Thursday, 21 Aug 2014 15:08 PM

Experts may one day be able to discern the reasons why Dr. Kent Brantly beat the odds in recovering from the Ebola virus . . .

Mapping California's Drought: Rapid Progression in 4 Years

Thursday, 21 Aug 2014 15:05 PM

California's extreme drought conditions have progressed rapidly since 2011, when maps based on reports from the U.S. Dro . . .

Project Hopes To Connect Korean War Veterans With Photos

Thursday, 21 Aug 2014 14:04 PM

For years, Korean War veteran Betty Perkins-Carpenter kept old wartime photos in envelopes in a file cabinet, but now th . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved