The company's stock has tripled from the low 20s in the summer of 1995 when Willes joined to a high of nearly 66 earlier this year. Many analysts insist that the company's recent stock level of 56 represents compelling value, the report said.

Before Willes took over, the company's previous management had remained largely frozen as bad Times in Southern California hurt the company's flagship Los Angeles Times. Willes has garnered mixed reactions as he challenged newspaper industry norms and cut layers of costs, including 3,000 jobs and money-losing operations such as the Baltimore Evening Sun. But he is also credited for the company's rebound.

Under Willes,Times-Mirror units must meet certain return-on-investment targets and make strategic sense to the company or they are sold off. The company has also boosted its per share results by repurchasing more than 35 million shares, 30 per cent of shares outstanding.

Barron's reported that Willes has made a big bet on the newspaper business by reducing the diversification of the company's operations.

Despite a 12-year decline in US newspaper circulation, the company's Times Mirror newspaper readership has grown about four per cent since 1996 coupled with a 10-per cent rise in its daily circulation. Times Mirror also owns Newsday, based in Long Island, New York, and the Hartford Courant in Connecticut.

However, the paper's weekday penetration in the Los Angeles metropolitan area is only 28 per cent, substantially below that of most other dailies.

Willes told Barron's that low readership leaves room to improve. Under his leadership, Times Mirror has tried to develop special sections and features to attract newreaders. "If we blow it, we blow it. But it won't be for lack of trying every good new idea we can come up with," he told Barron's.