Tribune Co., the bankrupt owner of the Chicago Tribune, Los Angeles Times, Baltimore Sun and five other daily newspapers, is interviewing bankers about selling its papers, Bloomberg News reported yesterday. The company's owners are seeking an adviser for a possible sale after Tribune exits bankruptcy, which is reportedly slated to happen by Dec. 31. Rupert Murdoch, chairman and chief executive of News Corp., will likely take a close look at Tribune's newspaper assets once they're available. The CEO of Freedom Communications has also expressed interest in acquiring Tribune Co.'s newspapers. In November, Tribune won approval from the Federal Communications Commission to transfer its television and radio licenses to new owners, including JPMorgan Chase, and hedge funds Oaktree Capital Management and Angelo, Gordon & Co.the last hurdle to emerging from bankruptcy. U.S. Bankruptcy Judge Kevin Carey accepted Tribune's proposal to divide ownership of the newspaper and television company among its lenders in July. Tribune filed for bankruptcy after billionaire real estate developer Sam Zell orchestrated an $8.3 billion leveraged buyout of the company in 2007, just before a global recession and a slump in print advertising devastated the newspaper industry. Tribune owns eight daily newspapers, 23 television stations and stakes in more than 50 Web sites, including CareerBuilder.com. The company is valued at about $7 billion, including publishing, media and other assets, with $2.06 billion in cash, according to an April filing with the bankruptcy court.
