Tribune Company profile and media properties
Eddy Hartenstein is the CEO of Tribune Company.
The Tribune Company is a leading US newspaper publisher which also has a strong presence in broadcast television.
The company filed for Chapter 11 bankruptcy protection in December 2008, which followed the 2007 deal by real estate magnate Sam Zell which made Tribune a private company. The Zell deal is regarded as a disaster, and Zell himself has somewhat modestly stated that he made a mistake, saying "if you bought something and it's now worth a great deal less, you made a mistake."
In publishing, Tribune operates 10 leading daily newspapers including the Los Angeles Times, Chicago Tribune and Spanish-language Hoy Chicago. The company’s broadcasting group operates over 20 television stations, Superstation WGN on cable television, and Chicago’s WGN-AM.
The Chicago Tribune was founded in 1847 as the Daily Tribune, and in 1858 it merged with the Democratic Press as the Chicago Daily Press & Tribune. In 1861 the paper became the Chicago Tribune.
Chicago's WGN Radio (720 AM) went on the air in 1924, its call letters reflecting the Chicago Tribune's slogan, "World's Greatest Newspaper."
Tribune acquired the Times Mirror Company, including the Los Angeles Times newspaper, in June of 2000 for $8.3 billion. The company holds a 25% stake in Topix.net, an automated online news aggregation service, which it acquired in March 2005. At the same time, Gannett and Knight-Ridder each acquired 25% of Topix.net.
Until December 2007, Tribune was a public company (NYSE: TRB). On April 2, 2007, Chicago-based real estate investor Sam Zell announced plans to take the company private at a price of $34.00 a share, totalling $8.2 billion. In August 2007 the deal was approved by 97% of the company's shareholders. The company went private on December 20, 2007 and Tribune Company stock stopped trading at the close of the market that day.
Under the Zell plan, Tribune bought out the public shareholders and then become a Subchapter S corporation, which pays no corporate income tax but passes all taxable income through to shareholders. The sole shareholder of the company then became an employee stock ownership plan (ESOP), which also pays no taxes. This leaves a large amount of cash, which otherwise would have been used to pay taxes, to pay down debt. Zell invested $315 million in the deal.
Born in September 1941, Sam Zell is an American billionaire and real estate entrepreneur. He co-founded and is the Chairman of Equity Group Investments, LLc, a private investment firm. His net worth is estimated at about $6 billion. Zell became chairman and CEO of Tribune Company in December 2007 upon the completion of the privatization of the company.
Faced with declining revenues and profits, on March 13, 2008 the Tribune Company sold the Long Island newspaper Newsday and free New York City newspaper am New York to Cablevision Systems Corporation for $650 million.
On December 8, 2008, the Tribune Company filed for Chapter 11 bankruptcy protection. Reasons cited for the filing included the dramatic decline in advertising revenue in 2008, and the burden of servicing $13 billion in debt which was incurred when Sam Zell took the company private in 2007. Tribune Company employees received an ownership stake in the company through the Zell deal, but they are likely to see the value of their holdings wiped out.
The Tribune Company owned the Chicago Cubs baseball team until August 2009, when it sold the franchise to the Ricketts family for $845 Million. Tribune will keep a 5 percent ownership stake in the team. The sale includes Wrigley Field and Tribune's 25 percent interest in Comcast SportsNet Chicago.
Contact Information
| Web Site: | www.tribune.com |
| Telephone: | 312.222.9100 |
| Fax: | 312.222.1573 |
| Address: | 435 N. Michigan Ave Chicago IL 60611 USA |
Media Subsidiaries
Other Tribune Company Properties
CareerBuilder (partial ownership)
Chicago Cubs baseball team
Digital City (partial ownership)
Topix.net (partial ownership)
Tribune Direct
Tribune Media Services
Zap2it.com
Comments about Tribune Company
Comments to date: 29. The most recent comments are below.Shirley Osman High Point, NC | Posted at 8:15pm on Tuesday, October 4, 2011 |
Tribune's Zap2it.com services are questionable at best when compared with other available free options (my opinion). When I signed up for Zap2it.com, I found that there are clips, trailers, etc. not the expected access to ACTUAL programming like on Hulu.com. When I signed up, I very carefully declined everything offered except the two required "layered" apps, which were said could be removed at any point in time. Now that I've discovered the true nature and uselessness (to me) of this service, I can't even find the software listed in the "All Programs" section of my Start Menu. Repeated attempted to contact technical support have brought no results. Have contacted Zap2It.com and Times Media Services, Inc., neither of which at this point has responded. | |
Media Owners editors Boulder Colorado USA | Posted at 10:26am on Monday, May 9, 2011 |
-- May 6, 2011 -- Eddy Hartenstein is now chief executive at Tribune Company. He will remain publisher at Los Angeles Times Media Group. | |
Lorianne Lostine, United States | Posted at 2:49pm on Monday, March 14, 2011 |
When I learned the Tribune Company held stock in a cyberbullying gossip site called Topix, I decided to boycott the Tribune. That Topix company is destroying people. | |
Cristy Minton Margate, Florida | Posted at 2:11pm on Wednesday, February 23, 2011 |
I have been trying to get through to a representative IN THE UNITED STATES for two days now to renew my SUN SENTINEL subscription. There is NO number for the Sun Sentinel other than one which is answered IN THE PHILIPPINES. I have nothing against anyone in other countries. I myself am not a native born American. I have lived in this country since 1958, however, and I love this country very much. Our economy is IN THE TOILET. I do not agree with 'outsourcing' jobs which should go to the American people. I understand that Tribune Company is the one which owns Florida's Sun Sentinel. I would like you to give me a number to call (IN THE UNITED STATES) so that I can speak with someone about renewal. No offense to your reps who work out of our country, however, I would like to KEEP OUR JOBS IN OUR COUNTRY so I refuse to speak to a rep who is not WORKING in the U.S. | |
Media Owners editors Boulder Colorado USA | Posted at 9:48am on Friday, January 21, 2011 |
Tribune Announces Outstanding Employee Award Winners for 2010 | |
Media Owners editors Boulder Colorado USA | Posted at 9:05am on Thursday, January 6, 2011 |
Tribune Media Services and Virgin Media Sign Entertainment Data Agreement | |
Media Owners editors Boulder Colorado USA | Posted at 9:48am on Friday, December 17, 2010 |
Tribune Media Services Acquires Internet Video Search and Indexing Company, CastTV | |
Media Owners editors Boulder Colorado USA | Posted at 10:45am on Tuesday, November 30, 2010 |
Judge in Tribune Company Bankruptcy Being Pushed to His Limits | |
Media Owners editors Boulder Colorado USA | Posted at 2:05pm on Wednesday, November 3, 2010 |
Don Meek to Head Reorganized, Rechristened Tribune Digital | |
Media Owners editors Boulder Colorado USA | Posted at 1:23pm on Tuesday, November 2, 2010 |
3 More Top Executives Leaving Tribune Co. | |
See all Tribune Company comments.
