Koch Industries Eyes Tribune Papers
Billionaire brothers, Charles and David Koch of he diversified industrial conglomerate, Koch Industries are interested in buying Tribune Co.’s newspapers, which include the Los Angeles Times and the Chicago Tribune. Koch Industries currently owns a wide variety of industrial businesses that include energy to paper milling, but they have not owned a business linked to the media industry. Tribune under bankruptcy protection at the end of last year has hired Evercore Partners and JP Morgan to explore the sale of its newspapers, which will present financial information in the upcoming month. Both sides have not discussed about a deal or bid, but Koch Industries is hoping to explore the Tribune as an opportunity that will be profitable. Other famous investors as well as other entertainment industry high ranks, such as News Corp, owner of The Wall Street Journal and television stations in Los Angeles, are also interested in the Los Angeles Times.
The bidding of a significant newspaper company, the Tribune Co., affects us because it can potentially affect what readers in Los Angeles and Chicago will read. The information about events that occur around the world are portrayed to us depending on what the media chooses to include in their publications. Since Koch Industries has had little exposure within the media business, both companies may not benefit from this deal whatsoever.
Written by: Samantha Chin
Source: The Wall Street Journal