Times Mirror to Sell Stake in Tejon Ranch
Times Mirror Co. has agreed to sell its 31% stake in Tejon Ranch Co., an agricultural and real estate development concern, to two New York investment funds. Times Mirror, publisher of The Times and other publications, owns about 4 million shares in Tejon Ranch. Times Mirror’s sale to Third Avenue Trust and Carl Marks Management Co. will be at an undisclosed discount from the market price, Tejon Ranch said. The deal is expected to close by next week. Based in Lebec, Calif., 70 miles north of the San Fernando Valley, Tejon Ranch owns 270,000 acres, about one-third the size of Rhode Island. It has cattle and farming operations and leases some commercial real estate along Interstate 5. Tejon Ranch recently unveiled a five-year business plan and hopes to boost its commercial real estate business and possibly get into residential developments. Tejon Ranch Chief Financial Officer Allen Lyda said Times Mirror told the company last winter that Tejon Ranch “no longer fit into their core business profile, and they let us know they were going to sell it.” Tejon Ranch’s stock rose 13 cents to close at $19 on the American Stock Exchange. Los Angeles-based Times Mirror lost 81 cents to close at $56.50 on the NYSE.
