"Newspaper. Newspaper. Get your Los Angeles Times," that's what some dealmakers are hoping to hear from Chicago-based Tribune Co. Pressure to sell has been mounting from community leaders, Hollywood moguls and financiers and even company insiders. The paper's staff is pushing for a sale in response to Tribune's tinkering with the paper's formula, and staffing cuts through layoffs and attrition. Meanwhile, The Wall Street Journal reported that several prominent billionaires are interested in purchasing the paper but nothing has seriously transpired. However, when Tribune announced divestitures plans in May, it specifically said it would not sell assets in its top three markets of New York, Los Angeles and Chicago. The company has already divested several media properties. Keeping The Los Angeles Times off the auction block makes sense because the paper has a 20% operating profit, according to the Journal. However, the media company is experiencing a mutiny in the L.A. Times' newsroom as editors refuse to lay off more staff. Consequently, Tribune could go against its word and sell the paper. Such an announcement could come as early as Thursday, when Tribune announces its latest strategy. — Gerald Magpily
Read related CNNMoney article
Continue reading below
