The Tribune has decided to follow Rupert Murdoch's lead and split it's company into two...one will be Tribune Publishing (all the newspapers), and one will be Tribune Company (mostly television, plus WGN radio). The details are in this press release.
The New York Times assesses the move this way: "By spinning off the newspapers instead of selling them, Tribune avoids the tax consequences of a sale in the near term while still allowing the company, now led by Peter Liguori, a longtime broadcasting executive, to focus its efforts on television, including 19 local stations that it acquired for $2.7 billion at the beginning of the month.
