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.