TCO Case Final.pdf
The Company operates in the newspaper publishing and distributing segment, which focuses on the distribution
and publishing of regional and national newspapers.
The Company is a newspaper publishing and distributing company that operates the LA Tribune, a Southern
California regional newspaper.
Discounted Cash Flows, Precedent Transactions and Comparable Company Analysis models lead to a valuation
range of $364.11 to $538.93mm.
We recommend a strategic buyer for TCO because of the potential synergy opportunities from this sale, and the
premium price. Facebook and Comcast are our potential strategic buyers, because of their current foothold in the
entertainment, media, news and social media industry.
Total lost operating profit from 2014 to 2016 from advertising and subscriptions was $267.727mm due to the “First
Click Free” policies of Facebook and Google.