July 10 Tribune Co, which emerged from bankruptcy protection in December, said it plans to separate its newspaper publishing and broadcasting businesses.
The company's publishing assets, which includes the Los Angeles Times and the Chicago Tribune, will be grouped into the Tribune Publishing Co, it said.
Its other assets, including 42 local television stations, would remain under Tribune Co.
"The two companies resulting from this transaction would each have revenues in excess of $1 billion and significant operating cash flow," Tribune Chief Executive Peter Liguori said.
Plans for the separation would be developed over the next nine to 12 months, Tribune said.