Monday, December 8, 2008

BREAKING: Tribune to file for bankruptcy?

It seems the Tribune Company, owners of the Chicago Tribune, L.A. Times, and the Chicago Cubs is weighing a possible Chapter 11 filing.

The Chicago Tribune itself reports that they've hired law firm Sidley Austin and investment bank Lazard Ltd. to explore what would happen if they file. The Tribune reports that the company has been struggling under $13 billion of debt, and that $70 million of unsecured debt is due today.

Of course the Tribune has also suffered from the troubles plaguing the newspaper business.

On Geraldo At Large on Fox News, Geraldo Rivera cited the Wall Street Journal as saying that the company could file "as soon as this week".

The Cincinnati connection to this story?

It involves one Randy Michaels, who was formerly an executive at Jacor, which owned WKRC-TV 12 in the 1990s. He remained even after Jacor was bought by Clear Channel in 1999, moving up within CC to become President and CEO before leaving in 2005 to start his own consulting firms. He gave up those positions one year ago to become first executive vice president and CEO of the broadcasting and interactive operations of Tribune, then Chief Operating Officer this past May.

1 comment:

97gooljo said...

The other Cincinnati connection -- the Tribune owns the Chicago Cubs, and (currently) pays former Reds manager, umpire-slayer and base-hurler extraordinaire "Sweet" Lou Pinella's salary.

The Cubbies, of course, have been up for sale for about a year now -- no word yet on finalists for the purchase, but scuttlebutt is that Mark Cuban is right out of consideration. Which is really too bad, because only Mark Cuban could out-do Cubs' fans in overall obnoxiousness.