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.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.