Tribune Holder Backs Breakup

A large Tribune(TRB Quote) stakeholder is pushing its case for the breakup of the media company.

In what can only be described as a corporate call to arms, the Chandler family, which holds a 12% stake in Tribune, said in a Securities and Exchange Commission filing it wants management to separate the newspaper business from the TV station business. It also wants the board to explore other strategic alternatives including the sale of properties and to appoint a committee of independent directors to oversee the process.

Tribune, owner of the L.A. Times and a heap of TV stations, recently announced a $2 billion share buyback program and restructuring, to which the Chandler trusts objected. The Chandlers have three seats on Tribune's board. ...