The Tribune Company refuses to comment on whether the massive media conglomerate will split its many divisions. The company’s second largest stockholder, the Chandler Trusts, issued a scathing letter yesterday to the Tribune’s Board of Directors calling for the company’s break up.
The Chandler family holds 12.2 percent of the company. The Chandler Trusts says Tribune management continues to pursue failing business strategies, calling the current plans uninspiring and unacceptable. The group says the Chicago media giant should separate its newspaper and broadcast stations or sell the entire company in efforts to boost stock value.
The company owns more than 25 TV stations and several major newspapers, including the Chicago Tribune.
The Chandler Trusts says it doubts management’s projections of a turnaround, calling them “hard to believe.”
This comes as the Tribune approved a major stock buyback plan. The Chandlers opposed the buyback but didn’t have enough votes to nix the deal.