Education & Distance Learning Enthusiasts- Tribune To Take 'Strategic' Look At Education Group, Contemplates Sale

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Tribune To Take 'Strategic' Look At Education Group, Contemplates Sale

Electronic Education Report - April 12, 2000

Tribune (Chicago) may place its education group on the selling block following the $8 billion mega merger of the multi-media company with the equally diverse Times Mirror.

Plans for the education group were conspicuously left out of statements last month announcing the deal, which indicated the education group might have a short future within the merged enterprise. The likelihood of a sale strengthened last week when Tribune announced it would be "exploring strategic alternatives" for Tribune's education group that included a possible sale and hired Salomon Smith Barney as its financial advisor for this matter.

"We are looking to maximize the value of our non-core assets," said Tribune spokesperson John Lyday. "We will be taking a hard look at their strategic fit."

The education group stands apart from Tribune's traditional media holdings of broadcasting, publishing and interactive media. Following the completion of the merger, which is expected to close in the second or third quarter of 2000, Tribune's core assets will consist of 11 daily newspapers, 22 television stations and four radio stations that include companion Web sites.

Although Tribune Education's roots are planted in traditional supplementary materials, the business unit has begun to enter the electronic education market. The group continued to look at all areas, but began to focus on K-12 distance learning and similar products.

In mid-1999, Tribune Co. acquired Academic Software, which develops software products that facilitate online interaction among students at the university level, and made it a business unit of Tribune Interactive (EER, July 21). Tribune Education began making some online-oriented investments of its own this summer when it spent $10 million in capital to invest in VarsityBooks.com.

Contact Information: Tribune: 312-222-3238

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