Is Tribune Publishing for sale? It depends on who you ask. On November 27, News Corp. CEO Rupert Murdoch tweeted that it might be:

Based in Chicago, Tribune Publishing (NYSE: TPUB) is the nation’s fourth largest newspaper company by revenue. It owns 11 major daily newspapers including the Chicago Tribune, the L.A. Times and the San Diego Union-Tribune, which it purchased in May 2015 for $85 million.Ken Doctor wrote about the rumor for Politico Media. Doctor said a deal between Apollo Global Management and Tribune Publishing has been in the works for at least a month. Such a deal could yield a sale price between $650 and $750 million. If the deal goes through, Apollo would sell the L.A. Times and San Diego Union-Tribune to Eli Broad.As of November 27, the date of Doctor’s article, Tribune Publishing was keeping quiet about the deal. Sources have told Doctor, however, that Tribune Publishing is working with a small group of newspaper veterans to plan its strategy in the event of an acquisition. On November 30, executives for Tribune Publishing denied the rumor, said Poynter’s Benjamin Mullin:
“Over the Thanksgiving weekend, a rumor was reported in social media and the press regarding a potential purchase of Tribune Publishing Company. While our policy is not to comment on rumors, given the source of this speculation and the fact that it has received considerable public attention, the Company believes a statement to employees is warranted.”
“As our Board of Directors noted earlier this fall, and as we articulated in our November earnings call, Tribune Publishing remains committed to its strategy and transformation plan and is not engaged in discussions or a process to sell the company.”
Doctor speculated about Apollo’s plans and what they mean for the industry:
“Finally, an Apollo buy will raise new questions about fundamental strategy in the flailing newspaper industry. Apollo is no stranger to distressed industries. It would be likely to move more quickly on next-stage, heavier-digital (including investment) and lesser-print strategies than current newspaper chains. Then, in southern California, should Broad and Beutner gain those papers, we’d see a restoration of combine print/digital community engagement strategy.”
“That series of events would provide two new fundamentally different strategies going into 2016, as the industry as a whole still seeks a sustainable future,” said Doctor.
Since the end of November, little has been said about a possible sale, though the International Business Times published a story on Tuesday about what the L.A. Times is really worth. Earlier in November, however, Tribune Publishing indicated that it was moving its newspapers to a metered paywall in 2016.In a related story published on ChicagoTribune.com, Eli Broad denies that there is a deal in the works to buy the L.A. Times. Stock prices spiked briefly after news of the possible deal, but they seem to have stabilized. At the time of this writing (1:45 p.m. EST, 12/10/15), the TPUB stock was $9.76 per share, up $0.20 from its closing share price yesterday of $9.56, according to MarketWatch.Insider Take:It is hard to believe that Tribune Publishing isn’t exploring a sale. Regardless of how you feel about Mr. Murdoch, he is in “the know” in the publishing industry. He would be foolish to go on record – even if via social media – to start false rumors, but that is probably not the first time.Even if you don’t believe anything he says, however, you can certainly trust Ken Doctor, an industry expert who not only knows the publishing world quite well, but who understands it and studies it. If Doctor says Tribune Publishing is exploring a deal, we believe him. Time will tell how and when a sale might actually occur.~ Dana E. Neuts, Subscription Insider