(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