{"database": "press", "table": "releases", "rows": [["https://web.archive.org/web/20140111071308/http://waxman.house.gov:80/press-release/rep-waxman-questions-tribune-company-future-plans-los-angeles-times", "Rep. Waxman Questions Tribune Company on Future Plans for the Los Angeles Times", "2013-12-19", "2013", "2013-12", "Democrat", "House", "CA", "Henry Waxman", "W000215", "web.archive.org", null, null, "legacy", "Today Rep. Henry A. Waxman sent a letter to Tribune Company President and CEO Peter Liguori expressing concerns about the Tribune Company\u2019s future plans for the Los Angeles Times.\u00a0 The Los Angeles Times is the largest metropolitan newspaper in the country, serving as the primary source of news for millions of people in Southern California.\u00a0\nRecent filings with the Securities and Exchange Commission indicate that the Tribune Company intends to spin off its newspaper unit, which includes the Los Angeles Times.\u00a0 The newspaper unit will be required to pay an undetermined cash dividend to the Tribune Company funding exclusively through borrowing, and the Los Angeles Times will have to pay rent to the Tribune Company to occupy the paper\u2019s own building.\nIn the letter, Rep. Waxman writes, \u201cI am writing on behalf of my constituents who rely daily on the Los Angeles Times for their national news and local reporting.\u00a0 I am concerned that corporate actions the Tribune Company is taking may not be in the best interests of the Los Angeles Times.\u201d\nThe full text of the letter is available below and online here.\nDecember 19, 2013 Mr. Peter Liguori  \n\tPresident and Chief Executive Officer  \n\tTribune Company  \n\t435 North Michigan Avenue  \n\tChicago, IL 60611\nDear Mr. Liguori:\n  \n\t\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 I am writing on behalf of my constituents who rely daily on the Los Angeles Times for their national news and local reporting.\u00a0 I am concerned that corporate actions the Tribune Company is taking may not be in the best interests of the Los Angeles Times.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 First published in 1881, the Los Angeles Times is the largest metropolitan newspaper in the United States.[1]\u00a0 Millions of people in Southern California and throughout the country use the Los Angeles Times as their primary source of distinguished and reliable news gathering and reporting.\u00a0 Since 1942, the Los Angeles Times has won 41 Pulitzer Prizes, six of which are gold medals for public service.[2]\u00a0 It is in the interests of both Southern California and the nation that the Los Angeles Times remain a vibrant news source.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 In recent years, the Los Angeles Times has suffered as Tribune Company reduced staffing levels by approximately 900 positions in 2012, 560 positions in 2011, and 360 positions in 2010.[3]\u00a0 In November, the Tribune Company announced to its staff it intended to further lay off 700 employees, representing an additional cut of 6% of its workforce.[4]\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Now the difficulties faced by the Los Angeles Times may get worse.\u00a0 According to paperwork filed with the Securities and Exchange Commission on December 9, 2013, the Tribune Company intends to spin off its newspaper unit, which includes the Los Angeles Times.[5]\u00a0 According to the filing, the newspaper unit would be required to pay an undetermined cash dividend to the Tribune Company funded exclusively through borrowing.[6]\u00a0 And the historic Los Angeles Times building will become the property of the Tribune Company, with the newspaper paying money to rent its own facility.[7]\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 I recognize that recent years have been difficult for the newspaper industry.\u00a0 There have been layoffs throughout the industry, so I understand that cost-cutting at the Los Angeles Times may have been unavoidable.\u00a0 But I have questions about how the terms of the spin-off could affect the future of the Los Angeles Times.\u00a0 The requirement that the newspaper unit go into debt to pay a cash dividend to the Tribune Company will undoubtedly enrich the Tribune Company, but it may do so at the expense of the financial health of the Los Angeles Times and the other papers in the newspaper unit, all of which are already facing financial strains.\u00a0 Some have described the obligation of the Los Angeles Times to pay rent to the Tribune Company to occupy the paper\u2019s own building as tantamount to \u201clife as a corporate orphan.\u201d[8]\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 I would like to learn more about the transaction you are proposing and how it will impact the Los Angeles Times and my constituents.\u00a0 I ask that company officials knowledgeable about the transaction contact Shawn Chang on my staff to schedule a briefing on why the transaction was structured this way and what the ramifications will be for one of the nation\u2019s most important sources of news.\u00a0\nSincerely,\nHenry A. Waxman\n    \n\t\t[1] The Times\u2019 128-year history, Los Angeles Times (online at www.latimes.com/about/mediagroup/la-mediacenter-milestones,0,1502162.story#axzz2nlWqS6b4).\n\t\n\t\n\t\t[2] Times\u2019 Pulitzer Prizes, Los Angeles Times (online at www.latimes.com/la-mediagroup-pulitzers,0,737028.htmlstory#axzz2nlWqS6b4).\n\t\n\t\n\t\t[3] Securities and Exchange Commission, Tribune Publishing Company \u2013 Form 10 General Form for Registration of Securities Pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934 (Dec. 9, 2013).\n\t\n\t\n\t\t[4] Tribune Company to Cut 700 Newspaper Employees, New York Times (Nov. 20, 2013).\n\t\n\t\n\t\t[5] Securities and Exchange Commission, Tribune Publishing Company \u2013 Form 10 General Form for Registration of Securities Pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934 (Dec. 9, 2013).\n\t\n\t\n\t\t[6] Securities and Exchange Commission, Tribune Publishing Company \u2013 Form 10 General Form for Registration of Securities Pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934 (Dec. 9, 2013).\n\t\n\t\n\t\n\t\t[8] LA Times now a renter in its own building, LA Observed (Dec. 11, 2013) (online at www.laobserved.com/archive/2013/12/la_times_now_a_renter_in.php).", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://web.archive.org/web/20140111071308/http://waxman.house.gov:80/press-release/rep-waxman-questions-tribune-company-future-plans-los-angeles-times"], "units": {}, "query_ms": 0.7214117795228958, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}