Tribune Co., publisher of the Los Angeles Times, Chicago Tribune and Baltimore Sun, plans to spin off its newspapers into a separate business, letting the company focus on its more lucrative local television stations.
Rupert Murdoch, who began building his media empire 60 years ago, is relishing the chance “to do it all over again” with his newly streamlined publishing company that has $2.6 billion in cash to fuel acquisitions.
Robert Moffat, a former International Business Machines Corp. senior vice president, was sentenced to six months in prison for leaking information to Danielle Chiesi, a consultant for New Castle Funds LLC.
Tribune Co., the publisher that emerged from bankruptcy at the end of last year, said it hired JPMorgan Chase & Co. and Evercore Partners Inc. as financial advisers after receiving unsolicited interest in its newspapers.
DirecTV announced today that it had reached a “handshake deal” with Tribune Co. on a programming agreement on March 29, a statement that Tribune later said has left them “puzzled” and denying any accord.