Chicago, IL, Mar. 14--The Tribune Company announcedyesterday it was buying Times Mirror, the parent company of SKI, SKIING, andFREEZE magazines, in a deal reportedly worth $8 billion is cash and stock.
The deal would mean Times Mirror's three biggest newspapers-Newsday, TheLos Angeles Times and The Baltimore Sun-and its Skiing Company would becombined with a vast television presence, newspapers, numerous Internetsites, and the Chicago Cubs.
Skiing Company President and Publisher Andrew Clurman was travelling todayand unreachable for comment but has reportedly said the acquisition shouldhave no effect on the magazine group.
In fact, say Skiing Company insiders, the buyout should bolster the Skiing Company's Skinet.com Internet presence since the Tribune Company has been reinventing itself as a new media company, making a concerted effort to reach large portions of thepopulation through its 22 television stations, four radio stations,entertainment avenues and Internet properties.
The Company's venturecapital group invested early in America Online and Excite and owns largechunks of both the WB television network and cable Food Network.