FCC to Give Stalled Tribune Sale a Push

Randy Michaels expected to resign this week

(USER SUBMITTED) - Weeks after the New York Times detailed the raucous behavior of Tribune CEO Randy Michaels, he is reported to be resigning. The Times article described a boys club atmosphere created by Michaels and his chief innovation officer, Lee Abrams, at the bankrupt newspaper and TV company. Abrams was recently fired, but the Tribune's board, which met yesterday, was apparently not satisfied that enough had been done to right the ship, reports the Los Angeles Times . More»

Boss Randy Michaels 'offered $100 to waitress to flash her breasts'

(NEWSER) - The shockingly sexist frat boy hijinks of top managers of the Tribune Company created an alienating workplace and "bankrupt culture" that helped send the financially troubled media firm into a tailspin, reports the New York Times . Just after radio exec Randy Michaels was hired by billionaire owner Sam Zell to help run the company, he allegedly offered $100 to a waitress to flash her breasts for a gathering of senior management at a Chicago hotel, the paper reports. "I have never seen anything like it," said one executive. “Here was this guy, who was responsible for all these people, getting drunk and saying this to a waitress who many of us knew." More»

Randy Michaels steps up as court ruling beats back creditors

(NEWSER) - Maverick takeover artist Sam Zell resigned as CEO of the Tribune Co. today, naming Randy Michaels as his successor. Zell is still chairman of the news giant he bought, disastrously, in 2007. Tribune, which has been bankrupt for almost a year, yesterday won an extension until February of the right to file its own plan for reorganization. The ruling by a bankruptcy court judge in Delaware was a blow to Tribune's creditors, who wish to reorganize the firm on their terms. More»

Family will pay $800M for 95% stake in team, Wrigley field

(NEWSER) - It’s official: Tribune Co. has signed an agreement to sell a majority stake in the Chicago Cubs to the Ricketts family, the Chicago Tribune reports. Picked as the winning bidder for the franchise in January, family negotiated a deal to pay $800 million for a 95% stake in the Cubs, Wrigley Field, and the Tribune's stake in Comcast SportsNet Chicago. The Tribune is retaining a 5% stake in those assets. More»

(NEWSER) - The bankrupt Tribune Company could emerge from protection with its top creditors—and not chairman Sam Zell—in charge, the Chicago Tribune reports. Zell exerts control based on $90 million he spent to secure the option of buying 40% of the company for $500 million, and a $250 million loan. Those numbers pale in comparison to the $8.6 billion Tribune owes lenders with first dibs on assets. More»