While I was over at the Education and Neighborhood Committee Meeting of the City Council - more later on that - the roof fell in over on Spring Street. Well, OK - maybe not exactly the whole roof - but you sure can see sky from parts of the upper floors. Here's Kevin's post:
Tribune execs may have shrugged off the company's bad tax news, but Wall Street did not. Tribune stock fell today to a new four-year low of $34.22 a share, down 4.3% on the day, on huge volume for the Chicago firm. Says Douglas Arthur of Morgan Stanley Equity Research: "Why management did not settle this years ago is anybody's guess. The cost to investors and therefore the company's cost of equity capital from the looming anxiety of this outcome has been incalculable." Merrill Lynch switched to neutral from buy on Tribune stock, and Fitch Ratings put the Tribune's commercial paper on Rating Watch Negative.
So all you guys who have been talking big about buying the LA Times - it's time to stop talking and join together - and buy the whole thing!