Tribune Company Set to Exit Bankruptcy
But it may soon sell off its newspapers
By Rob Quinn, Newser Staff
Posted Dec 31, 2012 3:33 AM CST
The Tribune Tower is seen along Chicago's Michigan Avenue.    (AP Photo/Nam Y. Huh)

(Newser) – The Tribune Company is set to emerge from bankruptcy today, four years after it filed for Chapter 11 protection as the American economy nosedived. The reorganized multimedia company has a new board of directors that includes plenty of entertainment industry veterans, and profitable assets including eight major daily newspapers and 23 TV stations, reports Reuters. The company sold the Chicago Cubs in 2009.

"Tribune will emerge as a dynamic multimedia company" that is "far stronger than it was when we began the Chapter 11 process," CEO Eddy Hartenstein wrote in an email to employees. But the value of the company's newspaper properties has shrunk to just $632 million and analysts believe it might sell off its papers to focus on its TV holdings, reports the Tribune-owned Los Angeles Times, which is rumored to be a target for Rupert Murdoch's News Corp.

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Jan 1, 2013 10:41 AM CST
How many creditors did they stiff?
Dec 31, 2012 7:11 AM CST
I remember sitting in an airport bar 10 years ago and I met a Tribune exec. We got to talking and I said, "You know, print media's days are numbered. People will be reading the news on devices in the future and there won't be a need for an actual paper." He told me it was crazy talk and that I was flat out wrong. There would always be a need for an actual news paper. I wonder what that guy's doing now.