Tribune Faces Pressure To Sell Los Angeles Paper

TRIBUNE FACES PRESSURE TO SELL LOS ANGELES PAPER
[SOURCE: Wall Street Journal, AUTHOR: Sarah Ellison sarah.ellison@wsj.com]
Tribune Company, already under pressure from its largest shareholder, the Chandler family, is facing a growing challenge on another front: a push by some rich and powerful citizens in Los Angeles for a sale of the Los Angeles Times to local interests. The clamor over the nation's fourth-largest newspaper comes ahead of a Tribune board meeting Thursday, at which Chief Executive Officer Dennis FitzSimons is expected to deliver on a directive from the board to present a plan for the future of Tribune. Mr. FitzSimons and other executives have been preparing the plan even as they negotiate with the Chandlers, who formerly owned the Los Angeles Times, over the value of two complex partnerships that set off a bitter public battle between the family and Tribune management in June. The loose collection of those interested in a sale of the newspaper includes possible billionaire buyers, Times management and civic leaders. The parties say it is unorchestrated. But all say they are concerned that further cuts could harm a prestigious newspaper, and that if Tribune persists, then local ownership may be a possible savior.
http://online.wsj.com/article/SB115854892438866031.html?mod=todays_us_page_one
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