When are the members of the board of directors of the Tribune Company (TRB) going to wake up and serve their shareholders? Management of that company has permitted its subsidiary, the Los Angeles Times, to become the servant of a left wing political agenda, at the expense of the best interests of its shareholders.

Editor & Publisher reports that circulation at the LAT is down 5.5%, while circulation revenue is down an astounding 9%. The E&P report is so journalistically incompetent that it is unclear whether the declines are year—to—year or quarter—to—quarter. If the latter, then the LAT is truly hemorrhaging readers.

Now, what on earth could explain such losses, when the rival Los Angeles Daily News reports flat circulation? E&P reports all sorts excuses the LAT is mouthing ("tighter control on field sales"), but ignores the elephant in the bathtub: the LAT has alienated many readers with its extreme left wing propagandistic news and editorial writing.

Formal boycotts have been called by groups angry over the LAT's recall election coverage, with its sleazy last minute sex smears, and by groups angry over its extreme anti—Israel bias.

Board members are aware, or should reasonably be aware, that their continued tolerance for a highly biased  editorial management of its subsidiary is sacrificing the interests of shareholders in order to promote a political agenda. They have a fiduciary duty to take notice and take action.

Thomas Lifson   4 15 05