Rep. Waxman Reports Independent Experts’ Concerns About Los Angeles Times Spinoff

News Release: Rep. Waxman Reports Independent Experts’ Concerns About Los Angeles Times Spinoff

Committee on Energy and Commerce
Rep. Henry A. Waxman, Ranking Member

For Immediate Release: April 11, 2014
Karen Lightfoot: (202) 225-5735

Rep. Waxman Reports Independent Experts’ Concerns About Los Angeles Times Spinoff

WASHINGTON, DC— Today Rep. Henry A. Waxman sent a letter to Tribune Company President and CEO Peter Liguori to share the concerns of media and business experts on the Tribune Company’s proposed spinoff of its newspaper unit, which includes the Los Angeles Times. The Los Angeles Times is the largest metropolitan newspaper in the country, serving as the primary source of news for millions of people in Southern California.

These experts indicated that the high debt burden, inequitable asset split, and newspaper consolidation plans proposed for the spinoff will place the long-term viability of the Los Angeles Times and other Tribune papers at risk.

In the letter, Rep. Waxman writes, “I hope you will review the assessment the distinguished experts provided to me and then revise the terms of the transaction. When the newspapers become a separate company, they need the financial and other resources necessary to compete effectively in the Internet age.”

The full text of the letter to Mr. Liguori is available below and online here.

http://democrats.energycommerce.house.gov/sites/default/files/documents/Liguori-Tribune-Company-LA-Times-Spin-Off-2014-4-11.pdf