Times Mirror Co., the publisher of the...

Times Mirror Co., the publisher of the Los Angeles Times, said it sold about 70,000 acres of Oregon timberland for about $32.6 million, resulting in a gain of about 13 cents a share. The company said the transaction is one part of a multiparty exchange agreement, under which the acreage will ultimately be owned by Simpson Timber Co., a subsidiary of Simpson Investment Co. of Seattle. Times Mirror said it retained cutting rights to most of the mature timber on the land located primarily in Oregon’s Tillamook County. But the company said it granted an option to the purchaser to buy the rights at an undisclosed price. The option is exercisable before Sept. 2, 1988.