Push for Local Control of LA Times Leans on Oaktree

They asked the chief executive to “consider the important role that Angelenos must play in its management and ownership as you consider the possibilities for the Times’ future”.

Beutner’s replacement by Ryan prompted concerns from local elected officials and civic leaders, who urged Tribune Publishing to restore local leadership at The Times or sell the paper to Los Angeles-area business leaders.

With this in mind, the Tribune Publishing’s Chief Financial Officer Sandra J. Martin said, “Revised guidance reflects lower forecasted revenue estimates for the year, concentrated in Southern California“. The company also lowered adjusted EBITDA estimates (calculated as earnings before interest, taxes, depreciation and amortization) by about $17.5 million to between $145 million and $160 million.

The statement read, in part: “Our California News Group, which includes the Los Angeles Times and the San Diego Union-Tribune, is a cornerstone of our Company’s portfolio and a key component to our success in the future”.

For long, Tribune has pushed for centralized operations and has looked at directing them from its headquarters in Chicago, quite with the attitude of running all its newspapers as a well organized group.

Tribune Publishing CEO, Jack Griffin, stated that the Los Angeles Times was not on the same page as the rest of the company when it comes to “full and committed participations” regarding to the company’s goals and initiatives.

“We’re not trying to run the business of the newspaper”.

Efforts to reach Beutner on Tuesday were unsuccessful.

Tribune Publishing CEO Jack Griffin recently defended his decision to change the leadership of the Los Angeles Times, saying the newspaper was not keeping up with its parent company’s profit initiatives. Broad’s overtures were rebuffed by Tribune Publishing.

That’s a bit of a glorified name for the Los Angeles Times and the newly acquired San Diego Union-Tribune.

“We are fully committed to our five-point transformation plan to create value for all shareholders and stakeholders alike, which we launched previous year when Tribune Publishing became a publicly traded company”, said the statement from Tribune’s board.