Looks like Chicago Tribune will be paying rent on its own building
The Tribune Company is currently in the process of splitting off its newspapers and magazines into a separate company. But we didn't have many details of what that would mean for the new company - until now.
Crain's Chicago Business columnist Joe Cahill looked at the details of the arrangement and found that Tribune Co is using the separation as an excuse to dump its debt. The deal settles the company with even more debt and does some other things that makes its financial future less secure.
I can see why they're doing this. While both the television/radio side and the newspaper/magazine side are losing money, it's clear that Tribune Co has more faith in the AV side. So of course they're going to want to prop it up.
But here's the part that really gets me. We knew for months that Tribune Co intends to keep ownership of all of the company's buildings, including the iconic Tribune Tower, which serves as the company headquarters since the 1920s. But what we didn't know until now is that Tribune Publishing would have to pay rent on all of the spaces its newspapers and magazines have been using for decades.
In other words, Chicago Tribune, the company's original publication, the publication those success the rest of the company was built on, will be forced to pay rent for the building that was expressly designed to be its headquarters.
An English, the expression would be "it has come to this." But I prefer to use the Russian equivalent. It's shorter. Punchier. And it captures my feelings much better.
Докатились
Crain's Chicago Business columnist Joe Cahill looked at the details of the arrangement and found that Tribune Co is using the separation as an excuse to dump its debt. The deal settles the company with even more debt and does some other things that makes its financial future less secure.
I can see why they're doing this. While both the television/radio side and the newspaper/magazine side are losing money, it's clear that Tribune Co has more faith in the AV side. So of course they're going to want to prop it up.
But here's the part that really gets me. We knew for months that Tribune Co intends to keep ownership of all of the company's buildings, including the iconic Tribune Tower, which serves as the company headquarters since the 1920s. But what we didn't know until now is that Tribune Publishing would have to pay rent on all of the spaces its newspapers and magazines have been using for decades.
In other words, Chicago Tribune, the company's original publication, the publication those success the rest of the company was built on, will be forced to pay rent for the building that was expressly designed to be its headquarters.
An English, the expression would be "it has come to this." But I prefer to use the Russian equivalent. It's shorter. Punchier. And it captures my feelings much better.
Докатились