Chandlers Say Tribune Strategy Has Failed: Call for Tribune Co. breakup

LAT: Tribune Strategy Has Failed, Say Chandlers
By Jesus Sanchez, Times Staff Writer
June 14, 2006

The Chandler family of Los Angeles today called for the breakup of the Tribune Co., owner of the Los Angeles Times and KTLA, into separate newspaper and television broadcasting operations, saying that the guiding strategy of the media giant "has failed" and has had "disastrous" results.

The harsh remarks made by Tribune's second-largest shareholder in a securities filing are certain to raise tensions over the company's plan to buy back stock and fuel speculation about a sale of all or parts of the company.

On Wall Street, Tribune stock surged after news of the filing with the Securities and Exchange Commission surfaced. The company's shares rose 89 cents, or 2.87%, to close at $31.94 on the New York Stock Exchange.

In a letter to Tribune directors, William Stinehart Jr., an attorney representing the Chandler trusts, made it clear that the family will not tender its Tribune stock and instead called for more "decisive action" to better respond to industry challenges and boost the company's stock price.

"If timely action is not taken, however, we intend to begin actively pursing possible changes in Tribune's management and other transactions to enhance the value realized by all Tribune stockholders by engaging with other stockholders and other parties," Stinehart said in the letter....

http://www.latimes.com/business/la-061406tribune,0,2525844.story?coll=la-home-headlines

I see some big intrests here wanting to break up some of the mid-level media in the country. It appears to be a pattern by some of the ultra-rich.

For more than 30 years, I read the LA Times every morning. It was a good newspaper.