Tribune Hires Bankers to Shop L.A. TimesTuesday, February 26, 2013
Los Angeles Times parent Tribune Co. has hired advisors at JPMorgan Chase and Evercore Partners to market its newspaper properties, according to a news report.
Sources told CNBC on Tuesday that the sale is expected to kick off in the next several weeks, with Wall Street Journal owner News Corp. among potential bidders. Chicago-based Tribune Co. also owns the Chicago Tribune, Baltimore Sun and Orlando Sentinel.
JPMorgan was a major lender in Sam Zell’s 2007 leveraged buyout of Tribune Co., which left the company $13 billion in debt. It became minority owner in the settlement that enabled Tribune to exit Chapter 11 in December.
Analysts have estimated that Tribune’s publishing assets are worth about $850 million, CNBC said.
Tribune has not commented on the CNBC report.