The Tribune Company is going to spin off its newspapers, including The Los Angeles Times and The Chicago Tribune, into a newly formed Tribune Publishing Company, the company announced this morning. Its broadcasting properties will remain together in the Tribune Company.
The move ends months of speculation and mirrors a similar decision by News Corp., which late last month formally separated its newspapers and entertainment assets. The common motivation, according to a report in The New York Times, is an effort to separate high-value, high-return entertainment and television assets from newspapers, which face a difficult operating environment that drags down earnings.
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