Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Tribune Company Set To Exit Bankruptcy Protection
Author: Joel R. Glucksman
Date: January 10, 2013
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Cable and newspaper network, Tribune Co. is prepared to exit Chapter 11 bankruptcy protection and start the new year with a fresh start.
The company, which owns news outlets the Los Angeles Times and Chicago Tribune, announced its plans to emerge from bankruptcy before January, bringing an end to four years of bankruptcy proceedings. The company said it seeks to sell off its newspaper assets and instead focus on its WGN channel and other television stations it owns. Although the company will emerge with all its newspaper assets, it has already sought out investment banks to help it sell off these sections.
The company currently owns eight daily newspaper and 23 television stations. Currently, television assets make up roughly $2.85 billion of the company’s $7 billion valuation, while its newspaper assets account for only $623 million.
Many analysts said they expected the company to unload its newspaper unit, as readership declines and a steep drop in advertising revenue have made this sector more financially burdensome, according to Reuters. In a five-year period, the company lost roughly half of its advertising revenue. Other news outlets have faced similar problems, and have focused on building their online mediums and imposing subscription costs for online content. These trends have become pervasive at the New York Times and the Wall Street Journal.
The Tribune Co. filed for protection under bankruptcy law in December 2008. The move was largely attributed to the sale of the company to real estate investor Sam Zell in 2007 who saddled the company with roughly $13 billion in debt. During the same period, the newspaper industry hit a downturn that had a disparate impact on several news agencies.
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