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Tribune hires advisers to field newspaper bids

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The Associated Press | February 26, 2013 05:57 PM EST | AP


LOS ANGELES — Tribune Co. says it has hired investment banks JPMorgan Chase & Co. and Evercore Partners to help it sell its newspapers, which include the Chicago Tribune and Los Angeles Times.

The move comes two months after the media conglomerate emerged from bankruptcy.

Tribune spokesman Gary Weitman said the company has received "a lot of interest" in its newspapers. Hiring the firms, he said, will help Tribune Co. determine whether a potential buyer's interest is credible and assist the company in considering its options.

The sale of the newspapers has been widely expected, especially after the company appointed a group of TV-focused board members and hired former Discovery Communications chief operating officer Peter Liguori as its CEO last month.