UPDATE: Tribune Co. Breaks Off Newspaper Holdings into Separate Entity

Just a week after it added 19 tv stations from Local TV, LLC to its stable of broadcast outlets (see "TUOL" post 7/1/13), the Tribune Co. today announced the creation of Tribune Publishing Co. ["TPC"] (catchy name), a company created to hold its revenue-bleeding newspapers, the Los Angeles Times reported.

The Times, along with The Hartford Courant, flagship Chicago Tribune and three other dailies will be the sole holdings of TPC in a move that will have no tax ramifications for Trib Co. shareholders. The transfer may take a year to finalize, according to the Times article, and the Trib Co. will retain all broadcasting & Internet outlets, along with real estate holdings and all other assets.

The publishing arm of Trib. Co. last year generated 64 percent of the media conglomerate's operating revenue, but has suffered drastic cuts in ad revenues and circulation. The six newspapers may still be sold off (see "TUOL" post 6/11/13), though the Trib Co. has been dragging its feet, having not yet allowed prospective suitors to peek at the newspapers' financials.

Tribune Publishing Co. has yet to announce who will oversee its operations or how its finances will be structured, according to the Times article.