Several big investors raise stakes in Tribune

SEVERAL BIG INVESTORS RAISE STAKES IN TRIBUNE
[SOURCE: Los Angeles Times, AUTHOR: Tom Petruno]
Several investment companies that are among Tribune Co.'s largest shareholders bought more of the stock in the third quarter, betting on a higher share price for the beleaguered media company. Two major investors who raised their stakes in Tribune said a sale or breakup of the company now appeared inevitable. Ariel, based in Tribune's hometown of Chicago, raised its stake in the company to 15.7 million shares as of Sept. 30, from 14.9 million on June 30, an increase of more than 5%, according to the investment firm's latest financial filings with the Securities and Exchange Commission. Another big buyer in the quarter was Gamco Investors Inc., a Rye, N.Y.-based investment firm headed by Mario Gabelli, who has long been a high-profile player in media stocks. Gamco's stake in Tribune jumped to 3.3 million shares, or 1.4% of the company, as of Sept. 30, from 1.1 million at midyear. Barry Lucas, who advises Gabelli's institutional investing arm, said he believed that Tribune was worth at least $39 a share. The company, he said, has "some pretty enduring franchises" in The LA Times, Newsday, the Chicago Tribune and other properties, including 25 TV stations and the Chicago Cubs.
http://www.latimes.com/business/printedition/la-fi-tribune15nov15,1,246378.story?coll=la-headlines-pe-business
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