Tribune Company Emerges From Bankruptcy

As much as we bitch and moan about left-wing media bias, we still need quality newspapers out there doing essential journalism. We need quality news-gathering, and the newspapers have been the main source throughout American history. I'll be the first to praise the mainstream outlets when they offer solid reporting, and I still subscribe to the Los Angeles Times, a Tribune entity, so I guess I'm still a sucker for progressive punishment.

In any case, at the Times, "Tribune Co. set to exit bankruptcy protection":

Tribune Co. is expected to emerge from bankruptcy protection Monday with a new board of directors composed largely of entertainment-industry veterans.

Exiting bankruptcy would mark a milestone for Tribune, the parent of the Los Angeles Times and other newspaper and television properties.

Tribune sought Bankruptcy Court protection in December 2008 after a leveraged buyout by real estate magnate Sam Zell saddled the company with $12.9 billion in debt just as advertising revenue was collapsing. It is one of the longest bankruptcy cases in U.S. corporate history.

Tribune will emerge as a slimmed-down entity with a more stable financial base. But the media conglomerate will still be buffeted by the larger forces pounding the newspaper industry, specifically uncertainty over whether papers can generate sufficient revenue from digital operations.

"Tribune is far stronger than it was when we began the Chapter 11 process four years ago and, given the budget planning we've done, the company is well-positioned for success in 2013," Eddy Hartenstein, Tribune's chief executive, wrote in a note to employees Sunday night.

Tribune's new board of directors is expected to be made up of a who's who of Hollywood players. Most have no hands-on experience running newspapers and television stations, which are Tribune's biggest assets.

More at that top link.