The Tribune Co., parent of the Tribune newspapers, WOR, and the Chicago Cubs, will be purchasing the Internet Web Site ForSaleByOwner.com for an undisclosed price. It is interesting to see the large media companies work to get into the internet space while the still have some cash flow.
Tribune’s Interactive unit, which handles the online operations of Tribune papers such as the Los Angeles Times and Chicago Tribune, will operate ForSaleByOwner.com.
Tribune shares fell 22 cents to $27.80 in late afternoon trading on the New York Stock Exchange. via Chron.com
On its Web site, New York-based ForSaleByOwner said it “allows buyers and sellers to communicate directly with one another without the interference (or the commission) of a middleman or real estate broker.”
Yet Tribune said it intends to maintain its relationship with brokers, who also are major advertisers.
“Our acquisition of ForSaleByOwner.com extends our long history of providing consumers with the opportunity to advertise a home for sale as a private party listing,” said Tim Landon, president of Tribune Interactive, in a written statement. “We also remain strongly committed to Realtors, to whom a majority of consumers turn for real estate transactions.”
According to Web tracking firm comScore Media Metrix, ForSaleByOwner.com had 870,000 unique visitors in April 2006, a decline of 56% from April 2005, when the site recorded 1.98 million unique visitors. Yet its page views nearly doubled in same period to 37 million from 19 million, suggesting that each visitor is staying on the Web site longer.
Tribune Co. CEO Dennis FitzSimons has said he wants to look for Internet acquisitions with a national presence as ad revenues continue to migrate online. He has said that this year he expects the Internet to ring up 6% of Tribune’s total publishing ad revenues and 16% of its classified ad revenues.
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