With Tribune on Block, L.A. Times Circulation Down 8% - Drop is Steepest Among Major U.S. Newspapers
The Los Angeles Times lost 8 percent of its daily circulation -- the most of any of the nation's largest newspapers -- over the past six months, potentially lowering its value even as suitors line up to bid on its parent company.
Nationally, newspaper circulation has been sliding since 1987 and the past six months were no exception. Overall circulation was down 2.8 percent from the comparable period last year. But the pain was felt worse in some cities than in others. The smaller-circulation Miami Herald, for example, was down 9 percent for daily and Sunday, while the New York tabloids -- the Post and Daily News -- gained.
On Friday, two private-equity groups -- Bain Capital of Boston and Thomas H. Lee Partners of Boston combined with Texas Pacific Group of Fort Worth -- met Tribune's deadline for expressing interest in buying the company, said sources with knowledge of the submissions who spoke on the condition of anonymity because the bidding is private. Tribune's market capitalization is $8 billion.