Here is definitive proof there is a God in heaven:
Koch Industries will not be buying the Tribune Company’s eight newspapers, which include the Chicago Tribune and the LA Times, The Daily Caller has learned.
Sources with knowledge of the business proceedings told The Daily Caller that Koch Industries, after conducting its due diligence, has not been interested in buying the newspapers for “a couple months.”
The company determined that purchasing the newspapers was “not economically viable” and that both parties walked away from the negotiations, they said.
Two of the Tribune Company’s digital assets in particular, CareerBuilder.com and Classified Ventures LLC., a source with knowledge of the proceedings told The Daily Caller, were discovered to be half of the company’s revenue.
“They’re basically such an important part of the revenue,” the source confirmed, “in a way that if they sold them, it goes away.”
The Wall Street Journal reported in June that due to what is dubbed a founders’ agreement, “a sale of the newspapers could invalidate long-standing arrangements under which Tribune’s papers sell local ads on behalf of the websites, boosting the papers’ digital ad revenue.”
A fitting song:
Joe Gandelman is a former fulltime journalist who freelanced in India, Spain, Bangladesh and Cypress writing for publications such as the Christian Science Monitor and Newsweek. He also did radio reports from Madrid for NPR’s All Things Considered. He has worked on two U.S. newspapers and quit the news biz in 1990 to go into entertainment. He also has written for The Week and several online publications, did a column for Cagle Cartoons Syndicate and has appeared on CNN.