Tribune Said to Seek Bankers for Newspaper Sale

Tribune Company -- the bankrupt owner of the Chicago Tribune, Los Angeles Times and six other daily newspapers -- is interviewing bankers about selling its papers, according to two people with knowledge of the matter. The company seeking an adviser for a possible sale after the company exits bankruptcy, which is slated to happen by Dec. 31, according to the people, who asked not to be named because the discussions are private. Selling some of Tribune’s papers would bring an influx of cash to the company after four years of bankruptcy. The new owners may hold onto the larger newspapers, such as the ones in Los Angeles and Chicago, and look to sell the smaller titles more immediately, said Reed Phillips, managing partner of investment bank DeSilva & Phillips LLC.