June 23, 2006 |
In 1994, a top executive at Times Mirror Co., then the parent of the Los Angeles Times, crafted a $2.3-billion sale of the company's cable subsidiary that so brilliantly eliminated taxes on the deal that it won him an instant following on Wall Street -- and ultimately provoked Congress to close the loophole. The executive was Chief Financial Officer Thomas Unterman, a wizard at crafting highly complicated corporate transactions that stymied the Internal Revenue Service.
CALIFORNIA | LOCAL
January 7, 2006
The Los Angeles Mirror, an afternoon newspaper since 1948 that Times Mirror Co. owned, ceased publication. The Mirror consolidated with The Times on Jan. 8. The paper had been renamed in 1954, being briefly called the Mirror-Daily News, but it was again known as the Mirror at the time it folded.
September 28, 2005 |
A U.S. Tax Court judge dealt a potential $1-billion blow to Tribune Co. on Tuesday, ruling that the Chicago-based media company was liable for back taxes on two deals it inherited from its 2000 purchase of Times Mirror Co. The 135-page opinion did not make a finding as to how much Tribune, which publishes the Los Angeles Times, owes in taxes. The company has said previously that it could be liable for $600 million in state and federal income taxes, plus $368 million in interest.
December 8, 2004 |
Two 1998 deals to unload Times Mirror Co. subsidiaries were done for business reasons, and not to dodge taxes, former company executives Mark H. Willes and Thomas Unterman testified Tuesday. Chicago-based Tribune Co., which bought Times Mirror in 2000, is defending the two deals as reorganizations and fighting an IRS demand for nearly $1 billion in taxes and interest. The IRS claims that the divestiture of the Matthew Bender & Co. and Mosby Inc. publishing units were sales in disguise. In U.S.
December 7, 2004 |
A long-running tussle between Tribune Co. and the Internal Revenue Service shifted to U.S. Tax Court in Los Angeles on Monday as a trial began over fallout from business deals the media company inherited when it purchased Times Mirror Co. The dispute is rooted in the unusually complex arrangements surrounding Times Mirror's divestiture of two publishing units in 1998. Its Matthew Bender & Co. unit and a stake in another of its legal publishing outfits were acquired for $1.
May 3, 2003 |
Tribune Co., owner of the Los Angeles Times and 26 television stations, sued a Marsh & McLennan Cos. unit for recommending the company transfer workers' compensation obligations to a now-insolvent insurer. Marsh Inc. in 1998 recommended that Times Mirror Co., then the owner of The Times and Baltimore Sun, transfer the publisher's self-insurance of workers' compensations liabilities to Reliance National Indemnity Co., the suit said.