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The Tribune Co. yesterday reported a loss of $78.8 million for the fourth quarter of 2007, compared with a profit of $239 million in the same period a year earlier. For the full year, it reported a profit of $86.9 million, down from $594 million.
Eager to offload some assets, the company is in the process of a “soft auction,” in which investment bankers are approaching select buyers about the possibility of purchasing Long Island newspaper Newsday, The New York Times reports.
Three of New York’s biggest moguls are reportedly in discussion with Tribune Co.: News Corp.’s Rupert Murdoch; Mortimer B. Zuckerman, owner of The Daily News; and James L. Dolan, whose family controls Cablevision.
Tribune Co.’s Samuel Zell has said, since taking control of the company last year, that he did not plan to offload the company’s newspapers. However, in recent weeks he has made it clear that the papers are in worse financial shape than he had expected, which could force a change of plans.
Newsday, perhaps one of Tribune’s more lucrative papers, could be worth between $350 million and $400 million, according to newspaper analyst John Morton. However, revenue at the paper has been in steady decline. Revenue was $498 million in 2007, down from $541 million in 2006, writes the Washington Post.
The Newsday unit includes some niche Long Island serving magazines, plus a number of regional pennysavers.
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