Chandlers Call for Breakup of Tribune

CHANDLERS CALL FOR BREAKUP OF TRIBUNE
[SOURCE: Editor&Publisher and the Associated Press]
The second-largest shareholder of Tribune Co. on Wednesday called for a breakup of the Chicago-based media company, saying its strategy of combining broadcasting and newspaper properties in large cities has failed. The Chandler family, which owns 12 percent of Tribune's shares, also said in a regulatory filing that they would not tender their shares as part of a major buyback the company is undertaking. In a stinging letter to Tribune’s board of directors included in the filing, William Stinehart Jr., trustee of the Chandler Trust, wrote: “Over the past two years, Tribune has significantly underperformed industry averages and there is scant evidence to suggest the next two years will be any different. Clearly, it is time for prompt, comprehensive action.”
http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1002688142

* At Tribune, a Call for a Split
http://www.nytimes.com/2006/06/15/business/media/15tribune.html

* Chandlers Threaten Proxy Fight Over 'Disastrous' Tribune Strategy
http://online.wsj.com/article/SB115030372387580193.html?mod=todays_us_page_one

* Chandlers Demand Breakup of Tribune
http://www.latimes.com/news/printedition/front/la-fi-tribune15jun15,1,3295535.story?coll=la-headlines-frontpage