Seeking to tamp down “noise” over the possible sale of its
newspapers, Tribune Co. CEO Peter Liguori sent an email to employees Wednesday
calling speculation about a transaction premature.“A sale transaction is only one of our possible strategic
options, and there are many others,” Liguori said. Some 40 parties have
expressed interest in acquiring some or all of Tribune Co.’s newspapers,
according to sources close to the situation. The Chicago-based media company
hired investment bankers in February to manage inquiries for its eight daily
newspapers, including the Chicago Tribune and Los Angeles Times. The company is soon
expected to grant would-be buyers access to a “data room,” a secure Web site
containing detailed financial information about the company. Few suitors have
said publicly they are interested in exploring a potential purchase. One party that has
not confirmed interest is garnering nearly all of the attention: Koch
Industries, a Kansas-based energy and
manufacturing conglomerate headed by politically conservative brothers Charles
and David Koch. Their reported interest has generated backlash from unions,
political leaders and liberal advocacy groups. Several hundred
protesters demonstrated Tuesday outside the Los Angeles offices of Tribune
Co.’s largest shareholder, investment firm Oaktree Capital Management, which
owns about 23 percent of the media company. The protesters, which included
union workers, were seeking to dissuade Bruce Karsh, chairman of Tribune Co.
and president of Oaktree, from selling to Koch Industries, which they
characterized as anti-union.
