The LinkUp Blog The Industry's Best-Kept Secret
Dailies Are Dropping Like Flies…
The Tribune Co. announced that it has hired Merrill Lynch and Citigroup to advise the company as it considers â€˜strategic alternatives.â€™ The announcement strongly indicates that Tribune will likely be selling some or all of its publishing and broadcasting assets. Last week, the companyâ€™s board met and named their legal counsel as well as a special committee of the board to oversee the divestiture process.
While the long-term impact of the sale cannot be determined until the specific assets being sold are named and the buyers emerge, the announcement further confirms the turmoil surrounding the daily newspapers and the difficulties they are having with their businesses these days (not that anyone needs more evidence that the dailies are struggling). But what is surprising is how desperate the countryâ€™s major publishers really are and how fast these enormous companies have unraveled. The dismantling of yet another major publisher virtually assures that an already crowded playing field competing for general-purpose and classified advertising dollars will become even more chaotic and frenzied in the months and years ahead.
[tags]Death of Newspapers, Tribune, Newspaper Sales, Publishing, Media, Advertising, Classified Advertising[/tags]