Tribune, owner of Channel 2, completes spin-off of publishing unit

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CHICAGO — Tribune Co. said Monday that it has completed a process of spinning off its publishing division to create two new companies.

The new company, called Tribune Publishing, will be the new owners of The Los Angeles Times and Chicago Tribune along with eight other daily newspapers.

As part of the spinoff, Tribune Co. changed its name to Tribune Media. The company will continue to operate 42 broadcast stations (including FOX31 Denver and Colorado’s Own Channel 2 News), the national cable channel WGN America, Tribune Studios and digital businesses.

“In the last year, we have executed a strategy designed to embrace a rapidly changing media environment,” said Peter Liguori, President and CEO, Tribune Media Company. “We doubled the size of our broadcast group, re-launched our national cable network, WGN America, with high-quality original programming, and expanded our digital businesses that power some of the world’s leading media brands. The result is a rich and diverse portfolio of media properties and the birth today of Tribune Media Company.”

Tribune Publishing will be led by CEO Jack Griffin.