Chicago-based Tribune Co. will split up its broadcasting and publishing ventures into two separate companies.

The company owns 23 TV stations, along with cable network WGN America. It is also managing eight newspapers, including the Los Angeles Times and Chicago Tribune. The move will hopefully allow soon to be created publishing company, dubbed Tribune Publishing Co., to focus on addressing the declining revenues in newspaper.

The announcement came on the heels of the financial restructuring at the end of 2012 after a nosedive in earnings from its publishing business. In February this year, and at the request of the new management that took over after the restructuring, Tribune reportedly hired two investment banks to craft strategies to boost newspaper sales.

Tribune's broadcasting business, however, is doing quite well as the company announced its interest to purchase Local TV Holdings-along with its 19 TV stations-for a tune of $2.73 million.