CHICAGO (AP) -- The parent company of the Orlando Sentinel said Wednesday that it wants to split its broadcasting and publishing businesses into two companies.
Tribune Co. said the move will let one company take advantage of growth in broadcasting and allow the other to focus on newspapers, an industry where revenue has been declining for years.
Chicago-based Tribune owns 23 TV stations and cable network WGN America. Earlier this month, it announced plans to buy Local TV Holdings and its 19 television stations for $2.73 billion. In addition to the Orlando Sentinel, Tribune owns seven daily newspapers, including The Baltimore Sun, Chicago Tribune and Los Angeles Times.
Tribune, which emerged from bankruptcy protection at the end of 2012, said that over the past several months its board and management have been looking at ways to ensure long-term growth and boost value for its stakeholders.
Under the proposal announced Wednesday, the newspapers would be spun off into an independent company to be called Tribune Publishing Co.
The remaining company, which would keep the Tribune Co. name, would include Tribune's local television stations; WGN radio and cable networks; its television production, digital and media services ventures; and its interests in Classified Ventures, CareerBuilder, the Food Network and real estate.
Tribune said its board will develop a detailed plan for the split over the next nine to 12 months. After the split is complete, the companies will have separate boards and management.