Tribune Weighs Sale of Magazines
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Tribune Co. on Tuesday said it may sell Times Mirror Magazines, publisher of Field & Stream, Popular Science and Golf Magazine, which it acquired when it completed its purchase of Los Angeles-based Times Mirror Co. this month.
Chicago-based Tribune also said its second-quarter earnings will be less than expected. Its $6.8-billion acquisition of Times Mirror, which includes the Los Angeles Times, Newsday, the Baltimore Sun and other papers, will decrease profit from operations by about 6 cents a share to a range of 40 cents to 45 cents.
The company was expected to earn 49 cents a share, the average estimate of analysts surveyed by First Call/Thomson Financial.
Tribune has hired Merrill Lynch & Co. to explore alternatives for the magazine unit. Times Mirror Magazines generated about $279 million in revenue in 1999. The unit’s special-interest magazines also include Yachting, Skiing and Outdoor Life.
Tribune, the third-largest U.S. newspaper publisher, has about $6 billion in annual revenue.
Tribune shares rose $1.31 to close at $36.13 on the New York Stock Exchange.
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