Appears Rupert Murdoch will take control of Newsday very soon, with a price tag of $580 million, which will almost cover the $650 million note due at the end of the year by the Tribune Company to it’s creditors.
Under the agreement, the Tribune Company will retain fewer than 5% of the Newsday newspaper ownership.
With $950 million coming due in 2009 will the Los Angeles Times be sold off to satisfy the creditors next?
we can only hope
ReplyDeleteI don't think so. I think this is where the Cubs sale comes in. The LA Times is a core asset for Tribune while Newsday - not so much.
ReplyDeleteAlso considering that The Times is the paper of record in Southern California whereas Newsday is just one of 5 major dailies in the New York MSA.
Stagering numbers. I have to divide by 100,000 to make any sense to them!
ReplyDeleteHow are you Ed, stopped by to say hello.
Both LA and Newsday were considered cash cows for Tribune and Times Mirror for many years. I believe when they talk about core assets they are refering to the Tribune before the aquisition of Times Mirror. And remember everything has a price.
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