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
Key Contacts
Back
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.
If you face bankruptcy issues in your business, please call me.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Guardianships in New Jersey: When a Loved One Can No Longer Manage Personal or Financial Affairs
When a family member can no longer make important decisions for themself, the question is often not whether the family will step in, but whether they have the legal authority to do so. A spouse may manage household finances, or an adult child may arrange medical care and pay bills. Still, informal assistance does not […]
Author: Marc J. Comer
New Jersey’s Revised UHAC Regulations: What Residential Developers Need to Know About Affordable Housing Commitments
New Jersey residential developers with affordable housing obligations should carefully review their existing approvals, development agreements, and proposed deed restrictions in light of the State’s revised UHAC regulations (Uniform Housing Affordability Controls). The regulations, which took effect on November 6, 2025, significantly change the administration and physical requirements for affordable housing units. For developers with […]
Author: Wendy Rubinstein Quiroga
“No Comment” Culture: Why Silence Is Often the Riskiest Legal Strategy
A “no comment” response is sometimes the right call when a legal problem arises. As a blanket policy, however, it lets allegations go unanswered, deadlines pass, evidence disappear, and manageable disputes grow into expensive litigation. The businesses that fare best are usually the ones that say little publicly while acting decisively behind the scenes. When […]
Author: Sean M. Pena
Utility-Scale Battery Storage Projects: A Legal Roadmap for Developers, Property Owners and Other Stakeholders
Utility-scale battery energy storage systems (BESS) are becoming an increasingly important component of the electric grid throughout New Jersey, New York, and Pennsylvania. As renewable generation expands, electricity demand increases and grid operators seek greater flexibility, battery storage can help balance supply and demand while providing additional capacity and reliability. For developers, battery storage presents […]
Author: Nicholas Wall
Navigating Disputes: Hire a Partnership Dispute Lawyer
A falling out between partners can be disastrous for any business. In many cases, the partnership will not survive. If you are in an unworkable situation with your partners, it may be time to consult a partnership dispute lawyer experienced in handling partnership breakups and dissolutions before the situation deteriorates any further. It is easy […]
Author: Jay McDaniel
Section 363 Sales in Bankruptcy: What Businesses, Lenders, and Buyers Need to Know
When a company enters Chapter 11 bankruptcy, many assume the process will culminate in a lengthy reorganization plan. However, distressed businesses are increasingly being sold through a different mechanism — a sale under Section 363 of the United States Bankruptcy Code. A Section 363 sale allows a company, as a debtor-in-possession in bankruptcy, to sell […]
Author: John D. Giampolo
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.