Two of the richest men in the world, Charles and David Koch have scrapped plans to acquire the newspaper assets of Tribune Co following a conclusion that the papers were not economically viable to operate.

The two brothers walked away from the discussions with the company after realising that the publishing unit is not viable economically. Koch Industries has indicated that it has interest in the media business and is considering a broad range of opportunities for expansion. Tribune Company emerged from bankruptcy in the previous year and its board is considering selling its publishing business.

The brothers reportedly walked away from the deal after coming to know that the newspapers, which include the Chicago Tribune and the LA Times, would be separated from web sites like CareerBuilder. com that are important revenue streams for the company. Koch Industries spokeswoman Melissa Cohlmia confirmed that the talks on Tribune have concluded.

"Koch continues to have an interest in the media business, and we're exploring a broad range of opportunities where we think we can add value. In terms of the Tribune, the Daily Caller story is accurate," Cohlmia said.