Tribune Co., publisher of The Morning Call of Allentown and other newspapers including the Los Angeles Times and Chicago Tribune, says it wants to split its broadcasting and publishing businesses into two companies.
Tribune says the move will let one company take advantage of growth in broadcasting while the other focuses on newspapers, where revenue has been falling.
The newspapers would be spun off into an independent company called Tribune Publishing Co.
The remaining company would include Tribune's local television stations and other media properties, and would become Tribune Company.
According to the company, during the next nine to 12 months, Tribune’s management team plans to develop detailed separation plans for the company’s board of directors to consider.
Each company would have its own board of directors and senior management team.
The Morning Call was family-owned until Times Mirror Co. bought it in 1985. Tribune bought Times Mirror in 2000.
Earlier this month, the Chicago-based Tribune announced plans to buy Local TV Holdings and its 19 television stations for $2.73 billion. That purchase includes Scranton-area WNEP-TV.
That purchase would bring the total number of television stations owned by Tribune to 42 local television stations in 33 markets, plus superstation WGN America.