The Allentown newspaper would be part of Tribune Publishing Company, according to a news release.
Tribune Company, parent company of The Morning Call of Allentown, is dividing into two companies, one for its print products and the second for its broadcasting and other businesses, the company said this morning in a news release.
The idea is to have separate boards of directors and senior management teams in an effort to improve financial and operational focus, the company, which has recently emerged from a long bankruptcy, said. The change would allow "maximum flexibility" and the ability "to tailor its capital structure to its specific business needs," the company said.
Tribune Publishing Company would include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel, Hartford Courant, The Morning Call and Daily Press, the company said. Tribune Company would include 42 television stations in 33 markets, WGN Radio, WGN America superstation, Tribune studios, Tribune Digital Ventures, Tribune Media Services, The TV Food Network, real estate and other holdings, the company said.
"Moving to separate our publishing and broadcasting assets into two distinct companies will bring single-minded attention to the journalistic standards, advertising partnerships and digital prospects of our iconic newspapers, while also enabling us to take advantage of the operational and strategic opportunities created by the significant scale we are building in broadcasting," Peter Liguori, Tribune's president and chief executive officer, said in the release. "In addition, the separation is designed to allow each company to maximize its flexibility and competitiveness in a rapidly changing media environment."
The separation effort should take nine to 12 months, Tribune said. The deal is subject to regulatory and other conditions, the company said.
The Morning Call has published several hopeful accounts about possible buyers for the newspaper, but it remains part of the financially struggling Tribune operation. The newspaper has reported significantly declining circulation in recent years. It has closed bureaus in Bethlehem and Easton.