UPDATE 1-Tribune Co hires bankers to sell newspaper assets -CNBC
Feb 26 (Reuters) - Tribune Co has hired investment bankers to sell off its newspaper unit, which includes The Los Angeles Times and Chicago Tribune, CNBC reported on Tuesday.
The company has hired Evercore and J.P. Morgan to run an auction for the newspapers, the network said. It also reported that analysts estimated the value of the publishing business at around $850 million.
Tribune declined to comment on the report.
The company emerged from bankruptcy last year, and was expected to pursue a sale of the newspapers so it could concentrate on its TV operations.
Tribune's newspaper portfolio includes a number of major dailies, which are profitable despite declines in readership and advertising. The Los Angeles Times is considered the most valuable of the lot, and has been a rumored target for the publishing side of Rupert Murdoch's News Corp.