Times Mirror Considers Sale of Tejon Stake

Times Mirror Co. and the Times Mirror Foundation said they may consider selling all or part of their combined 32.97% ownership stake in Tejon Ranch Co. as part of an overall review of minority investments. The announcement comes after the board of directors of the Tejon Ranch, which owns and manages 270,000 acres of mostly undeveloped land that straddles Los Angeles and Kern counties, approved plans to step up property development on the 154-year-old ranch. Tejon Ranch President and Chief Executive Robert A. Stine said the company has hired J.P. Morgan Securities to help it explore ways to finance and expand the ranch’s real estate development and agricultural operations. Stine said government authorities in Kern County are reviewing the company’s plans for industrial and commercial development on 2,600 acres of ranch along Interstate 5 south of Bakersfield. Los Angeles-based publisher Times Mirror is the parent of the Los Angeles Times.