Koch Brothers decide not to buy the Tribune newspapers

Thu Aug 22, 2013 10:21pm EDT

David Koch, executive vice president of Koch Industries, applauds during an Economic Club of New York event in New York, December 10, 2012. REUTERS/Brendan McDermid

David Koch, executive vice president of Koch Industries, applauds during an Economic Club of New York event in New York, December 10, 2012.

Credit: Reuters/Brendan McDermid

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(Reuters) - Charles and David Koch, two of the world's richest men, have walked away from talks to buy the Tribune Co's newspaper assets, concluding that the papers were not economically viable.

Their company, Koch Industries, continues to have an interest in the media business and is exploring a broad range of opportunities, spokeswoman Melissa Cohlmia said, confirming a report on their Tribune decision by the Daily Caller news website.

The Daily Caller said the brothers had decided not to pursue the newspapers, which include the Chicago Tribune and the LA Times, as Tribune Co plans for them to be separated from web sites like CareerBuilder.com which could leave the newspapers without an important source of revenue. (link.reuters.com/cux52v)

Koch Industries is a sprawling conglomerate whose holdings include crude oil and natural gas pipelines, paper products like Dixie Cups and Angel Soft toilet tissue, and cattle ranches. The brothers are known for their conservative views.

(Reporting by Lehar Maan in Bangalore; Editing by Edwina Gibbs)

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Comments (4)
greese007 wrote:
Who needs a newspaper, when you already own a bunch of congressmen?

Aug 22, 2013 11:12pm EDT  --  Report as abuse
barbarajordan wrote:
I agree greese007. I never seen such abuse as these two impose on states, consumers, colleges and universities, congressman, and on this great nation. Why not do good with all that money. I have diverse views, but damn I don’t shove them down anyone’s throat. Why can’t they be more Bill Gates, Warren Buffet, Oprah Winfrey…..what the hell? I don’t buy any Georgia Pacific products…if only others would do the same. Money for them is the root of all evil.

Aug 22, 2013 11:54pm EDT  --  Report as abuse
Gladfly wrote:
Funny–they could never take a hint until now.

Aug 22, 2013 12:05am EDT  --  Report as abuse
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