Thursday, November 15, 2007
Tribune Properties Being Sold Off
Tribunites around the country watch, with a wary eye, as the Tribune Company is slowly dismantled with the sale of several properties over the last year. The company can be compared to a sinking ship tossing un-needed articles overboard in an attempt to stay afloat as the waters of ever increasing losses edges the company closer to sinking.
Last December the company jettisoned WLVI television in Boston for $113.7 million, WCWN television in Albany for an undisclosed price, and announced on August 30th that the KTLA building in Hollywood would be sold for an estimated $175 million. The Recycler was sold to Target Media Partners for an undisclosed amount on October 18th, and The Advocate of Stamford and the Greenwich Time newspapers were sold to the Hearst Corp. for $62.4 million on November 2nd.
Now that the baseball season has come to a close, the Chicago Cubs are on the chopping block, with an asking price of $500 million, which does not include the property.
Last night Kevin Roderick wrote about the sale of the Los Angeles Times building, which would fetch a large sum to payoff a portion of the debt, we hope the money pays down the debt?
With Christmas fast approaching I'm certain a new wave of buyouts and layoffs will be announced within the next few weeks in keeping with Tribune Company tradition the last few years.