Tuesday, December 11, 2012

The Sun for Sale?

As the Tribune Company, parent company of The Baltimore Sun, prepares to exit bankruptcy it is exploring the possibility of selling some of its newspaper assets, including Baltimore’s major newspaper. According to this story by Edmund Lee and Serena Saitto in Bloomberg, the company believes a sale of some of its papers “would bring an influx of cash to the company after four years of bankruptcy.”

“The owners may hold onto the larger newspapers, such as the ones in Los Angeles and Chicago, and look to sell the smaller titles more immediately, said Reed Phillips, managing partner of investment bank DeSilva & Phillips LLC.”

That would seem to include Baltimore.

The Abell Foundation  has previously expressed an interest in buying The Sun. According to this story by Gary Haber in The Baltimore Business Journal the foundation expressed an interest in buying the paper before the Tribune company sought protection of the bankruptcy courts.

“If the Abell Foundation were to buy the Sun, it would be a homecoming of sorts for the newspaper. Arunah Sheperdson Abell founded the Sun in 1837. It was owned by the A.S. Abell Co., until 1986 when it was sold to Times-Mirror Co. in 1986 in a deal that included the Baltimore Evening Sun and other media properties.”

What goes around comes around.
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