Tribune completes spinoff of newspaper business, changes name to Tribune Media Co
NEW YORK (AP) _ The Tribune Co. today completed the spinoff of its newspaper business and changed its name to Tribune Media Co.
The move had been expected. Tribune first announced plans to separate its television and print businesses a year ago.
The company has said the move will let one company take advantage of growth in broadcasting and let the other company focus on newspapers.
Tribune Media Co. will operate 42 local TV stations and the WGN America cable channel, and start trading under the ticker TRBAA.
It’s newspaper arm will be called Tribune Publishing Co. and include newspapers such as the Los Angeles Times and Chicago Tribune. Its shares are set to start regular trading tomorow on the New York Stock Exchange under the symbol “TPUB.”