Tribune Co. will separate its publishing business from its broadcast division, it said today, following the path taken by Time Warner Inc. and News Corp., Reuters reported. The tax-free spinoff of Tribune's eight newspapers, which include the Los Angeles Times and Chicago Tribune, will have its own board of directors and senior management team. Earlier this year, Tribune said that it was looking at selling the newspapers after it retained Evercore Partners Inc. and JPMorgan. Tribune expects to complete the separation over the next 12 months and that each company would have revenue in excess of $1 billion.
