CNBC: Tribune Co. prepares to sell newspapers

JPMorgan Chase and Evercore Partners are being brought on to sell the flagship papers, the cable channel reports, citing sources. This doesn't guarantee that the LAT or any of Tribune's other dailies will be purchased. But it does indicate that the company's new board wants to hear from interested parties and get an idea of what people are willing to pay for these struggling properties. It's possible that the papers could be taken off the block if offers are deemed too low, but I wouldn't want to bet the house on that happening. Not known is whether the auction will be restricted to newspapers, or will include other Tribune properties. All this comes less than two months after a group of creditors effectively took control of the company following a four-year bankruptcy. It was taken over by a group of creditors. Tribune CEO Peter Liguori was vague about plans for the papers in an interview with the LAT last month, saying that he is not "going into this job with a fire-sale sign."

There are people interested in the newspapers. It is my fiduciary responsibility to hear them out and see if in fact their interest is real and their commitment is concomitant with the value of these newspapers. But that runs parallel to my working with you guys on running the business on a day-to-day basis to maximize the value.

Edited post