Rupert Murdoch reveals Tribune's publishing arm is to be acquired by "big Wall Street firm"
Tribune Publishing's newspaper group is set to be acquired by "a big Wall Street firm" according to media mogul Rupert Murdoch who revealed the news in a tweet last night (27 November).
The company, which owns LA Times, will apparently split off the title as part of the sale, according to the News Corp executive chairman. It will be sold to a group of investors including businessman and philanthropist Eli Broad, Murdoch said.
Strong word Tribune newspaper group to be bought by big Wall St firm, LA Times to go to philanthropist Eli Broad and local group.
— Rupert Murdoch (@rupertmurdoch) November 27, 2015
Tribune Publishing has recently made a number of moves that could signify an imminent sale. Around 7 per cent of its staff left the newspaper group, many of which were editorial staff at the LA Times, according to USA Today.
The group's other titles include Chicago Tribune, Orlando Sentinel and Hartford Courant.