Tribune Co. says it wants to split its broadcasting and publishing businesses into two companies.
Tribune says the move will let one company takes advantage of growth in broadcasting while the other focuses on newspapers, where revenue has been falling.
Chicago-based Tribune owns 23 TV stations and cable network WGN America, along with the Chicago Tribune, Los Angeles Times and other newspapers. Earlier this month, it announced plans to buy Local TV Holdings and its 19 television stations for $2.73 billion.
The newspapers would be spun off into an independent company to be called Tribune Publishing Co.
The remaining company would include Tribune's local television stations; WGN radio and cable networks; its television production, digital and media services ventures; and its interests in other companies and real estate.