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Comments to date: 9. This is page 1 of 1.  | Media Owners editors Boulder Colorado USA | Posted at 10:19am on Thursday, August 26, 2010 | Why Eisner Fits at Tribune Co.
-- The Daily Beast reported on August 26, 2010:
"Many in Hollywood seemed puzzled yesterday by reports that the former Disney chief might run a newspaper company. Peter Lauria has four reasons why Michael Eisner seems open to it.
Hollywood was buzzing yesterday about reports that Michael Eisner, former ruler of the Magic Kingdom that is Disney, might return to the media world through the dowdiest of media industries: newspapers. But while it may seem odd to install Eisner as chairman of the Tribune Co. once it emerges from bankruptcy given his lack of print-based media experience, I can count at least four reasons why it makes perfect sense.
First, keep in mind that for all the attention derived from the flagship Chicago Tribune, the Los Angeles Times and other newspapers, Tribune’s money flows mostly from its stable of 23 television stations, and Eisner’s expertise could certainly be used to improve that area of the business. It was Eisner who not only negotiated the blockbuster $19 billion deal to acquire ABC/Capital Cities at Sun Valley in 1995, but also quieted critics of the deal who said Disney had no business being in television by leading ABC to its largest era of growth."
The full story:
http://www.thedailybeast.com/blogs-and-stories/2010-08-26/michael-eisner-tribune-chairman/
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Marietta Skeens Tavares, Florida 32778 | Posted at 9:45am on Saturday, June 19, 2010 | I received a notice today of the Tribune Company bankruptcy. I don't have anything at all to do with this as far as I know. Why did they send me a list of their debotrs. I am not included in this as far as I know
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Media Owners editors Boulder, Colorado USA | Posted at 9:36pm on Tuesday, December 8, 2009 | Tribune Company Names Randy Michaels CEO
CHICAGO, December 2, 2009 -- Tribune Company announced today that its board of directors has named Randy Michaels chief executive officer; Michaels has also been elected to the board. Sam Zell remains Tribune's chairman.
Zell recommended the leadership transition to the board, saying, "This appointment reflects Randy's increasing responsibilities. During the last two years, we've made substantial progress transforming Tribune from a collection of newspapers and television stations to a fast-paced, innovative media company that is using its scale and brands to compete more effectively than ever before."
Michaels was appointed Chief Operating Officer in May, 2008, and has been part of the company's senior executive team since Tribune's going-private transaction in December 2007. Prior to becoming COO, Michaels served as executive vice president and chief executive officer of Tribune's interactive and broadcast divisions.
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Media Owners editors Boulder, Colorado USA | Posted at 11:44pm on Sunday, November 8, 2009 | The Tribune Company will end its employee stock ownership plan when the company emerges from bankruptcy protection, the Los Angeles Times (which is owned by the Tribune Company) reported on November 4, 2009:
"Tribune Co.'s ill-fated employee stock ownership plan is toast.
In a memo to employees announcing a new retirement plan Tuesday, Chief Administrative Officer Gerry Spector said the ESOP was likely to be terminated when the media conglomerate emerged from bankruptcy protection.
That's not a surprise to close watchers of Tribune's bankruptcy case. It became clear months ago that the banks and other investors that financed Chicago billionaire Sam Zell's 2007 leveraged buyout of the company probably would take over ownership from Tribune's employees when the reorganization plan was filed."
The full story:
www.latimes.com/business/la-fi-tribune4-2009nov04,0,3368739.story
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Media Owners editors Boulder, Colorado USA | Posted at 10:46pm on Tuesday, July 28, 2009 | The Tribune Company is asking for more time to file a reorganization plan, the Chicago Tribune reported on July 27, 2009:
"Chicago-based Tribune Co. has asked the court in its Chapter 11 bankruptcy case to give management four additional months to file a reorganization plan.
The parent company of the Chicago Tribune is scheduled to deliver a plan Aug. 4 but wants to extend that deadline to Nov. 30.
Debtors in Chapter 11 bankruptcy cases have the exclusive right for 120 days from the date of filing to come up with a plan of reorganization. But for the first 18 months of a case, that right is often extended. Tribune Co., which filed its case in early December last year, already has won approval to extend the deadline once."
The full story:
www.chicagotribune.com/business/chi-biz-tribune-july27,0,1907608.story
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Media Owners editors Boulder, Colorado USA | Posted at 7:54pm on Tuesday, June 9, 2009 | Sam Zell says 'I made a mistake' in the Tribune deal, the Chicago Tribune reported on April 15, 2009:
"Tribune Co. Chairman and Chief Executive Sam Zell told Bloomberg Television today that his heavily leveraged 2007 acquisition of the Chicago Tribune parent was "a mistake" in that he did not anticipate the steep decline in the newspaper business.
"By definition, if you bought something and it's now worth a great deal less, you made a mistake and I'm more than willing to say I made a mistake," Zell said. "I was too optimistic in terms of the newspaper's ability to preserve its position."
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Media Owners editors Boulder, Colorado USA | Posted at 7:53pm on Tuesday, June 9, 2009 | Sam Zell could lose control of the Tribune Company, Michael Oneal of the Chicago Tribune reported on June 8, 2009:
"Chicago-based Tribune Co. and its creditors are in the early stages of negotiating a plan of reorganization in U.S. Bankruptcy Court that sources said likely would transfer control of the troubled media conglomerate from Chicago billionaire Sam Zell to a group of large banks and investors that hold $8.6 billion in senior debt.
The plan is still in its infancy, these sources said, and much could change as negotiations continue.
But the general shape of a new capital structure is coming into focus, and it centers on a debt-for-equity swap that probably would give the senior lenders a large majority ownership stake in the reorganized company.
A source with knowledge of the situation said the plan probably would wipe out a $90 million warrant Zell negotiated as part of his $8.2 billion deal to take the company private in 2007. The warrant gives the Tribune Co. chairman the right to buy 40 percent of the company for $500 million and is the basis of his control over Tribune Co., which owns the Chicago Tribune.
Zell also holds a $250 million note representing a loan he made to the company as part of the going-private transaction. That note, however, is near the bottom of the hierarchy of claims in Tribune Co.'s Chapter 11 bankruptcy case, and the source said it is unlikely it would retain any value as the capital reorganization proceeds."
The full story:
www.chicagotribune.com/business/chi-mon-tribune-0608-jun08,0,5886810.story
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Eric Kallgren Boulder, Colorado USA | Posted at 9:18pm on Tuesday, April 21, 2009 | Sam Zell says he made a mistake in acquiring the Tribune Company in 2007, the Chicago Tribune reported on April 15, 2009:
"Tribune Co. Chairman and Chief Executive Sam Zell told Bloomberg Television today that his heavily leveraged 2007 acquisition of the Chicago Tribune parent was "a mistake" in that he did not anticipate the steep decline in the newspaper business.
"By definition, if you bought something and it's now worth a great deal less, you made a mistake and I'm more than willing to say I made a mistake," Zell said. "I was too optimistic in terms of the newspaper's ability to preserve its position."
Zell, who took Tribune Co. private in a leveraged $8.2 billion deal, reiterated that his goal is to emerge from Chapter 11 bankruptcy proceedings begun in December to manage its $13 billion in debt with its assets intact. But the billionaire investor also said the company is looking at "all options."
"It's very obvious that the newspaper model in its current form does not work and the sooner we all acknowledge that the better," Zell said. "Whether it be home delivery, whether it be giving content away for free -- these are critical issues.
"We are seriously looking at everything because in effect the future of the newspaper industry is at risk today," he said, when pressed on the possibility of cutting back on delivery and print in favor of a greater role for digital publication."
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Eric Kallgren Boulder, Colorado USA | Posted at 2:56pm on Tuesday, December 9, 2008 | On December 8, 2008, the Associated Press reported that the Tribune Company has filed for bankruptcy protection:
Tribune Co. files for bankruptcy
By VINNEE TONG and ANICK JESDANUN
NEW YORK (AP) — Tribune Co. — owner of the Los Angeles Times, Chicago Tribune, Baltimore Sun and other dailies — filed for Chapter 11 bankruptcy Monday, the first major newspaper publisher to take such a step since the Internet plunged the industry into a desperate struggle for survival.
The media conglomerate was smothered by a drop-off in advertising and a crushing $13 billion in debt from the company's takeover a year ago by Chicago real estate mogul Sam Zell.
Chapter 11 would buy the Tribune Co. time to put its finances in order. Analysts said the company will almost certainly have to sell off some of its major holdings — and that could prove extremely difficult because of the bad economy and the poor outlook for newspapers.
"When you look at the near term, prospects for the company and the industry are certainly not very bright," said Dave Novosel, an analyst with the Gimme Credit research firm.
Tribune Co. employees, who received an ownership stake in the company when Zell came in, could also see the value of their holdings wiped out.
Tribune Co., which has 20,000 employees, owns baseball's Chicago Cubs as well as 10 daily newspapers, including The Hartford (Conn.) Courant and the Orlando (Fla.) Sentinel, cable channels and 23 TV stations. Its papers' total circulation puts the Tribune Co. among the top three most-read newspaper groups nationwide.
In filing for bankruptcy, the company reported $13 billion in debt and $7.6 billion in assets.
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