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NEWS ABOUT: Tribune Company

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Time to Occupy Newsrooms

Where unfair bonuses are concerned, media firms rival Wall Street: David Carr

(Newser) - USA Today applauded Occupy Wall Street for attacking firms that give “huge bonuses” to execs who makes terrible decisions. The paper’s right—but it’s being hypocritical. Gannett, owner of USA Today, is a champion of “bonus excess despite miserable operations,” David Carr writes in... More »

Trib CEO to Jump Before Being Pushed Out

Randy Michaels expected to resign this week

(Newser) - 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,... More »

How Frat Boy Hijinks Helped Screw the Tribune Co.

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... More »

Radio Exec Bans 'Flee,' 'We're Back,' and 'Death Toll'

119 words, phrases go on CEO's naughty list

(Newser) - Anchors and reporters at WGN radio in Chicago have a new job requirement: Don't say any of the station's 119 undesirable words and phrases on the air. Randy Michaels, CEO of parent company Tribune Co., wants information delivered in a more down-to-earth manner, without "newsspeak." On the Voldemort... More »

Sam Zell Steps Down as Tribune CEO

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... More »

Tribune Sells Cubs for $800M

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... More »

News Corp. Talks Universal Paywall With Times, Post

(Newser) - Executives at Rupert Murdoch's News Corp. have been meeting with rival newspaper publishers about a consortium that would charge for web content. The publishers of the New York Times, Washington Post, and Los Angeles Times are all believed to have met with Jonathan Miller, the News Corp. officer overseeing digital... More »

Lenders, Not Zell, May Run Tribune Co.

(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.... More »

Buyer Wants Belushi, Cusack, Murray In on Cubs Deal

(Newser) - Would-be Cubs buyer Tom Ricketts has approached a bunch of baseball-loving celebrities, including Bill Murray, Jim Belushi, and John Cusack, about going in with him on the team, the Chicago Tribune reports. Ricketts is asking each to pitch in $25 million, say sources—who add that Ricketts doesn’t need... More »

'I Made a Mistake' Buying Tribune Co.: Zell

Canny investor admits he backed a losing horse

(Newser) - Sam Zell is famous for his business acumen. He made a near-psychic call to sell his office-property company for billions just months before the market tanked. But the magnate now tells Bloomberg another deal he made was as boneheaded, in retrospect, as the Equity Office Properties deal was prescient: buying... More »

Beatty Sued Over Dick Tracy Rights

Tribune Co. says filmmaker lost rights by not using them

(Newser) - A unit of the bankrupt Tribune Co. is suing Warren Beatty over the rights to the Dick Tracy character, Reuters reports. Beatty bought the rights to the hard-boiled cartoon detective in 1985 and made the Dick Tracy movie, but he has made “no productive use” of Tracy in years,... More »

Times to Ax 300 Jobs, Local News Section

(Newser) - Amid growing gloom in the newspaper business, the Los Angeles Times plans to lay off 300 workers and shelve its local news section, LA Observed reports. Foreign and national news will be downplayed to fit local stories into the front section, the publisher said in a memo today. Seventy newsroom... More »

Family Buying Cubs for $900M

(Newser) - It looks like the Cubs are returning to family ownership, the Chicago Tribune reports. The billionaire Ricketts family is the winning bidder to buy the baseball team from Sam Zell's Tribune Co. The $900 million deal isn't sealed yet—other baseball owners must approve, for one thing—but it's expected... More »

Trib Goes Tabloid on Weekdays

Newspaper will be smaller on newsstands, remain broadsheet for home deliveries

(Newser) - The Chicago Tribune is changing its street-sale format from broadsheet to tabloid beginning next week, the newspaper reports. The move, which will affect weekday retail editions but not subscription copies, puts the paper in direct competition with its rival, the Chicago Sun-Times, which has long published in the format. The... More »

Auction for Cubs Nears End

But team a long way from sold

(Newser) - The bidding for the Cubs is nearly over. The Tribune Co. could select a winner from the three finalists within a week to 10 days, the Chicago Tribune reports, but that doesn’t necessarily mean the team is about to be sold. Tribune would still need to negotiate with the... More »

FBI Circled Around Blago's Wife for a Year

She dropped real estate work amid questions about clients paying for influence

(Newser) - She's known for ranting on an FBI tape—but that wasn’t the first time Patricia Blagojevich’s name has surfaced in the corruption probe of her governor husband, the Chicago Tribune reports. A federal investigation that began a year ago prompted Mrs. Blago to quit real estate work amid... More »

Complaint Shows Blago's Wife Plotted With Him

(Newser) - Rod Blagojevich's wife was deeply involved in his alleged scheming, the Chicago Tribune reports, based on details in the federal complaint against the Illinois governor. Though Patricia Blagojevich has not been charged with a crime, she was a vocal party to wiretapped conversations. In one recording, she can be heard... More »

Tribune Bankrupt One Day, Engulfed by News the Next

Chicago institution breaks Blagojevich news, and is a player in corruption allegations

(Newser) - What a difference a day makes for the Chicago Tribune, which yesterday broke the story of Illinois Gov. Rod Blagojevich’s arrest, and was itself an object of his alleged corrupting intentions—just a day after its parent company declared bankruptcy, the Wall Street Journal notes. “It’s pretty... More »

Blago Charges Go Beyond Obama Seat

'Breadth of corruption' would 'make Lincoln roll over in his grave'

(Newser) - In addition to bartering over President-elect Obama’s vacant Senate seat, Illinois Gov. Rod Blagojevich sought campaign contributions in return for government action, and attempted to influence the editorial board of the Chicago Tribune, the Sun-Times reports. The FBI released transcripts of incriminating conversations today. “The conduct would make... More »

Tribune Company Files for Bankruptcy

Financing billions in debt becomes too onerous in down economy

(Newser) - The Tribune Company filed today for Chapter 11 bankruptcy protection, due to mounting debt and an inability to pay interest in the floundering economy, the Wall Street Journal reports. Tribune’s profits declined 83% in the third quarter, making it difficult to finance $12 billion in debt. The company has... More »

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