By: E&P Staff
Tribune Co.’s corporate jet is the latest victim of downsizing at the media giant, the company’s flagship Chicago Tribune reported Thursday.
Citing an unnamed “person familiar with the transaction,” Tribune staff reporter Ameet Sachdev reported the jet was sold as part of the company’s announced plan to shed $500 million in non-core assets. In recent months Tribune has sold three of its television stations.
Details of the transaction could not be determined, the paper said, and the company was declining to comment on the matter.
The plane was purchased in 2000, the newspaper said, and three pilots were employed by the company. It could not be learned whether they remain with the company, the newspaper said.
In addition to the sale of non-core properties, and the completion this summer of a $2.5 billion stock-repurchase program, Tribune appointed a committee of independent directors to investigate ways to “create additional shareholder value,” including the sale of some or all of its property, and taking all or part of the company private. Tribune management has announced that it, too, is undertaking a separate study of strategic alternatives, which it may propose to the board.