Times Mirror is seeking a loan to set up an ESOP.

It is negotiating with a consortium of banks to arrange to borrow $150 million funds for a new employee stock ownership plan, which initially will hold 3 million shares of its common stock, Times Mirror Co. said. The company said its board approved the plan in modifying its retirement program. Its directors previously authorized repurchase of 2 million shares of the company’s stock and now has increased the authorization to 5 million shares. At year-end, the company had about 68.7 million shares outstanding.