The two separate entities will be known as Tribune Publishing Company and Tribune Company respectively. The former will oversee newspapers such as the Chicago Tribune and Los Angeles Times, while the latter will handle other operations including the 19 television stations that the group recently purchased for $2.7 billion. This, the company said, will give it greater financial and operational focus.
Tribune's chief executive Peter Liguori said in a statement: "Moving to separate our publishing and broadcasting assets into two distinct companies will bring single-minded attention to the journalistic standards, advertising partnerships and digital prospects of our iconic newspapers, while also enabling us to take advantage of the operational and strategic opportunities created by the significant scale we are building in broadcasting."
It was last month that News Corp formally hived off its publishing operations, which include the Times and Sun newspapers, from its profitable entertainment arm.
