Tribune Publishing has applied to have its common stock listed on the New York Stock Exchange under the symbol "TPUB" and expects to begin regular trading on Aug. 5.
The Tribune Co. board finalized the distribution details on Monday, which will separate the Chicago Tribune, Los Angeles Times and six other daily newspapers into a stand-alone, publicly-traded publishing company. Tribune Co. will continue to hold 1.5 percent of the outstanding shares of Tribune Publishing stock after the spinoff.
Tribune Publishing plans to issue 25.4 million shares of common stock, according to a filing last week with the Securities and Exchange Commission. Tribune Co. stakeholders will receive a tax-free distribution of shares in the new company, getting a quarter of a share of TPUB for every share of Tribune Co. stock owned.
The Aug. 4 spinoff date was included in a lender presentation last month, but had not previously been confirmed by the company. Tribune Publishing is seeking to raise $350 million in conjunction with its spinoff from Tribune Co.
The spinoff was announced last summer as a way to offload the publishing assets while avoiding the large capital gains taxes associated with an outright sale. Chicago-based Tribune Co. is retaining its higher-growth broadcasting and entertainment assets, as well as real estate holdings and equity investments.
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