Tribune Co.’s new solution: baseball?
Posted by Allie Judson on November 23, 2006 at 11:26 AM
It is no secret that the Tribune Co. is feeling the pains of dropping circulation rates and constant staff changes. The company which has investments in major media and entertainment venues across the US seems to be moving forward with raising the value of their assets, or at least one of their assets: The Chicago Cubs Baseball Team.
The Cubs, who finished last in the National League this season, have signed a new player for the price of $136 million over eight years and also plans to spend $200 million on players this off season.
Interestingly enough, the lavish investments in the losing baseball team come after the Tribune Co.’s constant journalist cuts from many of their papers across the country including the Los Angeles Times. Maybe the Cubs will win the World Series next year, but right now the decision to flood a team with a season record of 66-96 seems like its coming from left field.
Source:Market Watch
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