LA Times and Chicago Tribune up for sale

MUMBAI: The ailment of newspapers in the US continues. After emerging from a four-year old bankruptcy last year, Tribune Co., the company that operates 23 television stations and eight newspapers, has decided to put its newspaper business on the block as it seeks to put more focus on its television business.

The company has mandated investment banks Evercore Partners and J.P. Morgan to find buyers for its newspaper business which includes Los Angeles Times and Chicago Tribune.

Rupert Murdoch?s News Corp. and BH Media Group, a subsidiary of billionaire Warren Buffet?s Berkshire Hathaway, are believed to be possible bidders for the newspaper assets.

"There is a lot of interest in our newspapers, which we haven?t solicited," Tribune said in a statement. "Hiring outside financial advisers will help us determine whether that interest is credible, allow us to consider all of our options, and fulfill our fiduciary responsibility to our shareholders and employees."

The company?s broadcasting group operates 23 television stations, WGN America on national cable and Chicago?s WGN-AM.