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Tribune to Sell Southern Connecticut Newspapers
CHICAGO, March 6, 2007 -- Tribune Publishing, a division of Tribune Company (NYSE:TRB), today announced the sale of its Southern Connecticut Newspapers, The Advocate (Stamford) and Greenwich Time, to Gannett Co., Inc., for $73 million. The sale does not include real estate in Stamford and Greenwich, which Tribune will sell separately after a transitional lease to Gannett.
"With this transaction, we have exceeded
our goal of selling $500 million in non-core assets as part
of the performance improvement plan we launched in 2006,"
said Dennis FitzSimons, Tribune chairman and chief executive
officer.
In addition to Southern Connecticut Newspapers, sales completed since mid-2006 include television stations in Boston, Atlanta and Albany; 2.8 million shares of Time Warner common stock; and a former Los Angeles Times printing facility.
"We thank publisher Durrie Monsma and
the entire team at Southern Connecticut Newspapers for their
dedication to the communities of Stamford, Greenwich and
Norwalk," said
Scott Smith, Tribune Publishing president. "The Advocate
and Greenwich Time are excellent papers, but do not fit our
strategic focus on larger publishing and interactive businesses."
Tribune acquired The Advocate and Greenwich Time in June 2000, as part of its acquisition of The Times Mirror Company.
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TRIBUNE (NYSE:TRB) is one of the country’s
top media companies, operating businesses in publishing,
interactive and broadcasting. It reaches more than 80 percent
of U.S. households and is the only media organization with
newspapers, television stations and websites in the nation’s
top three markets. In publishing, Tribune’s leading
daily newspapers include the Los Angeles Times, Chicago Tribune,
Newsday (Long Island, N.Y.), The Sun (Baltimore), South Florida
Sun-Sentinel, Orlando Sentinel and Hartford Courant. The
company’s broadcasting group operates 23 television
stations, Superstation WGN on national cable, Chicago’s
WGN-AM and the Chicago Cubs baseball team. Popular news and
information websites complement Tribune’s print and
broadcast properties and extend the company’s nationwide
audience. |
