Media companies are rapidly parting with their print divisions. Tribune Publishing Co.'s shares began trading on the NYSE on August 4 th. The spin-off is the latest separation within the media industry. In the past 12 months media groups have unbundled their higher-margin television divisions from the low-growth publishing businesses. News Corp and Time Warner have separated their print assets. Last month, Journal Communications, which publishes the Milwaukee Journal Sentinel, announced plans to merger with E.W. Scripts' and then spin-off the newspaper assets. Finally, Gannett, publisher of USA Today, is spinning-off its publishing unit from its broadcast and digital operations. Declines in advertising and circulation have hit print publications hard as younger people consume news online. Tribune Publishing (TPUB) currently trades at $20.50 a share for a current market capitalization of $513 million. This is down from the stock's July 24 "when-issued" price of $25.50 a share.