Tribune Co. might sell off Chicago Tribune. Yes, really
Reuters reported earlier today that Tribune Co, owner of Chicago Tribune (and many other newspapers, television stations and radio stations throughout United States) will finally emerge from bankruptcy. Considering that it's been in bankruptcy for the past four years, that's a pretty big milestone.
The end of bankruptcy has been rumored for months, and there has been a lot of talk about what that would entail. Rumors said that the company would sell off its television stations, radio stations and some of its newspapers to focus on publishing the remaining newspapers and magazines.
But according to above article, it's actually going to be the other way around. Tribune Co. is going to sell off its newspapers and magazines to focus on the television and (presumably) radio side.
Now, personally, I would not be terribly sad if Tribune Co sold off most of its newspapers. It acquired most of them in the late 90s, at the time when newspaper companies were growing and buying up smaller companies. And, from what I gathered, they were never entirely sure what to do with them. I know that people of Los Angeles weren't too happy with the way Tribune has been managing Los Angeles Times and many West Coast business owners expressed interest in buying it to get it back in more local hands.
That's all fine and dandy.
But from what I gathered in the article, all of the newspapers and magazines are going to be up for sale, including all of its Chicago publications.
For the first time in Chicago history, there is very real possibility that Tribune Co would no longer own Chicago Tribune. Tribune Co wouldn't exist without Chicago Tribune. This would be like Voice Media selling off Village Voice, or New York Times Company selling off New York Times.
We live in interesting times
The end of bankruptcy has been rumored for months, and there has been a lot of talk about what that would entail. Rumors said that the company would sell off its television stations, radio stations and some of its newspapers to focus on publishing the remaining newspapers and magazines.
But according to above article, it's actually going to be the other way around. Tribune Co. is going to sell off its newspapers and magazines to focus on the television and (presumably) radio side.
Now, personally, I would not be terribly sad if Tribune Co sold off most of its newspapers. It acquired most of them in the late 90s, at the time when newspaper companies were growing and buying up smaller companies. And, from what I gathered, they were never entirely sure what to do with them. I know that people of Los Angeles weren't too happy with the way Tribune has been managing Los Angeles Times and many West Coast business owners expressed interest in buying it to get it back in more local hands.
That's all fine and dandy.
But from what I gathered in the article, all of the newspapers and magazines are going to be up for sale, including all of its Chicago publications.
For the first time in Chicago history, there is very real possibility that Tribune Co would no longer own Chicago Tribune. Tribune Co wouldn't exist without Chicago Tribune. This would be like Voice Media selling off Village Voice, or New York Times Company selling off New York Times.
We live in interesting times