Days before a board meeting at which CEO Dennis FitzSimons will address the company’s future, Tribune faces a push by powerful Los Angeles interests to divest its biggest newspaper, according to the Wall Street Journal.
Still under pressure from its largest shareholder, the Chandler family, Tribune Co. is under pressure from a group of well-heeled Los Angeles citizens to sell The Los Angeles Times. This group of billionaires and civic leaders maintains that local control of The Times may prevent further cuts to the editorial budget, according to a page one story in the Wall Street Journal.
Tribune leaders maintain the newspaper provides an important source of information and news gathering for Tribune’s other local papers, and that the company sees ways for its papers to collaborate in news coverage and editing.
At a board meeting planned for Thursday, Tribune CEO Dennis FitzSimons is expected to deliver on a board request that he outline a plan for the future of Tribune Co., according to the Journal story, written by Sarah Ellison.