Koch brothers walk away from deal to acquire Tribune’s newspaper arm

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Charles and David Koch, the owners of US conglomerate Koch Industries Inc, have ended discussions to acquire the newspaper operations of multimedia firm Tribune Company as they believe that such a deal would not bring economic benefits, Koch Industries spokeswoman Melissa Cohlmia said, as quoted by Reuters.

The statement confirmed an earlier report by the Daily Caller website, which cited Tribune’s plans to spin off its newspaper operations from certain web sites as the reason for the brothers’ decision.

Back in March Reuters reported that the Koch brothers were interested in Tribune’s newspapers, which include the Chicago Tribune and the Los Angeles Times. The agency quoted a report by Tribune’s financial consultant Lazard Ltd (NYSE:LAZ), which showed that the company’s newspapers could be valued at about USD623m (EUR467.2m).

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