Media company Tribune approves spinoff of newspaper publishing company, expected on August 4

Markets Associated Press

Tribune Co. says it has approved a spinoff of its newspaper publishing business. It's expected on August 4.

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It first announced plans to separate its television and print businesses a year ago.

The new company will be called Tribune Publishing Co. and include newspapers such as the Los Angeles Times and Chicago Tribune. Its shares are set to start regular trading on the New York Stock Exchange under the symbol "TPUB" on August 5.

Tribune, with 42 local TV stations and the WGN America cable channel, will operate under the name Tribune Media Co.

Shareholders of Tribune's Class A and Class B common stock and warrants will receive a quarter of a share of Tribune Publishing for each Tribune share they own.