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After four years of bankruptcy, the Tribune Company emerges from court protection today. The media conglomerate includes the Los Angeles Times, the Chicago Tribune and 23 TV stations.

According to owner Sam Zell, Tribune suffered from a "perfect storm," as newspaper advertisements plummeted and the recession hit just as the company went private in 2008.

"Tribune got really unlucky," says Keach Hagey, who covers media business for the Wall Street Journal.

Industry analysts expect Tribune to sell off its newspapers as it emerges from bankruptcy and focus more on its television assets. According to Hagey, Rupert Murdoch -- who owns the Wall Street Journal -- and Warren Buffett may be potential buyers.

Follow Jeff Horwich at @jeffhorwich