Tribune Emerges From Bankruptcy
Tribune Co. is due to emerge from Chapter 11 bankruptcy protection today (Monday) with a new board composed mostly of TV and movie executives who have had little experience running either newspapers or television stations, Tribune's principal properties. It owns eight newspapers, including the Chicago Tribune, the Los Angeles Times, the Baltimore Sun, and the Orlando Sentinel, and 28 TV stations, including WGN-TV (and WGN America) in Chicago, KTLA in Los Angeles, WPIX in New York City, as well as stations in such major markets as Washington DC, Philadelphia, Dallas, Houston, Denver, Miami, St. Louis, Indianapolis, Hartford, San Diego, and New Orleans. Speculation continues that the company plans to sell its newspapers, now valued at just $623 million and hold on to its broadcast properties, now valued at $2.26 billion, but only casual interest in the newspapers has been reported, although there has been much speculation that Rupert Murdoch might be interested in merging them into his spin-off of his News Corp publishing business. And a report by Robert Channick in today's Chicago Tribune indicated that the new board is expected to sell the TV assets as well.