Times Mirror canceled the sale of a subsidiary.

The Los Angeles-based company, publisher of the Los Angeles Times, said it terminated a previously reported agreement to sell its subsidiary, Times Mirror Microwave Communications Co., to Transcontinental Communications because the necessary financing was not arranged. Times Mirror reported in November that it would sell the subsidiary to Transcontinental for $175 million. Trancontinental was a combination of the subsidiary’s management and the investment banking firm of Dillon, Read & Co. The company is still considering selling the subsidiary.