What’s next for post-bankruptcy Tribune Co.
January 2, 2013
Now that Tribune Co. has finally emerged from bankruptcy, a four-year process that followed the company’s purchase by billionaire Sam Zell, the question is where will it go from here?
Tribune has named its new board of directors, including former Fox and Discovery executive Peter Liguori, who also is expected to become chief executive officer.
Though Tribune has long emphasized its multimedia aspects, there’s a chance that those will no longer include print.
The company is expected to begin selling off its newspapers now that it has exited Chapter 11, which involved locking down a $1.1 billion term loan and a $300 million line of credit.
Tribune, which owns eight dailies including The Chicago Tribune and Los Angeles Times, will begin fielding offers as soon as this week, according to analysts.
Newspapers have not been in great demand since advertising began to sink in 2006. Nonetheless, Freedom Communications, which owns The Orange County Register, has expressed interest in buying some of the papers, and other suitors are expected to come forward, though likely with bids well below what the papers were worth a decade or even five years ago, when Zell bought the company.
Going forward Tribune is expected to focus on its 23 television stations and perhaps on acquiring more web sites. It already owns shares in more than 50.
Tags: CEO, Freedom Communications, newspapers, papers, Peter Liguori, sam zell, television, The Chicago Tribune, Though Tribune, tribune, tribune bankruptcy, tribune co., tribune newspapers, tribune sales
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