Tribune chief on why LA Times sale makes no sense

Jack Griffin, the CEO of Tribune Publishing, today addressed the chatter about his company possibly selling the Los Angeles Times, and if anything he dripped cold water on the idea. It's the same calculus as before, as Griffin told a media conference in New York.

From Politico:

Griffin was asked about the sale rumors, as well as the possibility and logic of selling off the California segment, which Tribune sees as a strong revenue contributor and an essential component of its national sales strategy.

"If you cleaved off California from Tribune publishing, you would essentially have the Chicago Tribune and a bunch of medium sized East Coast newspapers," said Griffin. "That is a very different proposition. On a standalone basis, that would be much harder to do. The Los Angeles Times on its own is a tough platform."

That's not directly addressing the question of whether all of Tribune Publishing is a ripe target for takeover, as Rupert Murdoch suggested by tweet last month, or of whether Eli Broad and friends are lining up to acquire the Times. Just yesterday, Broad himself told Tavis Smiley there is no deal in the works that he knows about. Apollo Global Management recently said it is looking at a move on Tribune Publishing.

Also yesterday, the Wall Street Journal reported that Tribune Management is putting together a serious offer for the parent company of the Orange County Register.

The Los Angeles Times shed about 80 newsroom staff, or around 15% of the total, in buyouts and retirements that began last month. In an editorial, the Downtown News in Los Angeles this week predicts bad days ahead for the Times if Tribune Publishing continues to be in charge.