Trib appraisals end up in court

The former owners of the Salt Lake Tribune have asked a federal judge to intervene in an ongoing appraisal process of the morning newspaper.

Salt Lake Tribune Publishing Co. (SLTPC) asked U.S. District Judge Ted Stewart this week to select a third appraisal company to determine the paper's true worth.

Last month, an appraisal by Tribune owner MediaNews Group Inc. valued the newspaper at $380 million, nearly twice the $200 million it paid in January 2001.

A separate appraisal company hired by SLTPC placed the Tribune's value at $218 million.

In light of the $162 million discrepancy, the two appraisal companies must now hire a third firm. The final price will be determined by taking an average of the two closest figures.

However, the companies are unable to agree on a third appraiser.

SLTPC initially asked Stewart to hear the issue at a Thursday hearing, but in a Tuesday letter to MediaNews, SLTPC agreed to waive the expedited hearing if MediaNews agrees to extend the Nov. 15 deadline for completing the appraisal.

In court documents filed Wednesday, MediaNews agreed to the proposal, though it did indicate Stewart should deny SLTPC's motion for intervention.

The appraisals are part of a disputed option process that might allow SLTPC to purchase the Tribune from MediaNews. Stewart has validated the option, but has also said it cannot be exercised without the consent of the Deseret News, the Tribune's business partner in a joint operating agreement that oversees production, circulation and advertising for the two newspapers.

The Deseret News has declined to grant its consent. MediaNews took managerial control of the Tribune Aug. 1.

Stewart's ruling is on appeal before the 10th Circuit Court of Appeals. The Denver court will hear arguments in the case Nov. 20.