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BALTIMORE (AFX) - Tribune Co. has told a group of Baltimore businessmen interested in buying The (Baltimore) Sun that the company isn't ready to consider selling any of its 11 newspapers separately, the leader of the group said Tuesday.
Theodore Venetoulis, a publishing executive and former Baltimore County executive who heads the Baltimore Media Group, said he sent an e-mail about "10 or 12 days" ago to the company, asking for financial information about the newspaper.
Venetoulis said the group has been seeking the information "from day one" to facilitate a purchase, should that become an option. Venetoulis said the group had also asked earlier for financial information, but Tribune Co. has always responded that it is not considering the sale of an individual paper at this time.
"They have been very, very consistent about that," Venetoulis said.
Gary Weitman, a Tribune spokesman, didn't immediately return a call seeking comment.
Tribune has said it will decide whether to sell all or parts of the company by the end of the year. The company has been under pressure from shareholders who have expressed disappointment with its sagging stock.
Tribune is the parent company of the Chicago Tribune and the Los Angeles Times and owns 25 television stations, as well as the Chicago Cubs.
Venetoulis is hopeful that the group could still acquire the Sun, even if Tribune ends up selling all the properties to one company. He said the Baltimore group, which wants to bring the Sun back under local ownership, has been in contact with bidders for the entire operation.
Venetoulis said the group is assembling a management team to review what would be needed to buy the paper, including financial information, real estate and printing facilities.
"There's a whole range of things that have to be examined and explored, and we're trying to have a team to do that," Venetoulis said.
The group Venetoulis leads includes Abell Foundation President Robert C. Embry Jr. and Walter Sondheim, a longtime civic leader.
Venetoulis said the group will stay in touch with Tribune.
"There's not much we can do, other than be prepared by collecting as much information and data we can," Venetoulis said. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.
