When Tribune Co. emerges from its nearly four-year
bankruptcy, perhaps as soon as this fall, its extensive portfolio of
newspapers, television stations and other media holdings will look roughly the
same, but it will be a vastly changed company, according to a story by ChicagoTribune reporter Robert Channick.
Beyond new ownership, led by two hedge funds and a bank, the
company will face a brave new media world where the core value of the Tribune
stable of properties is in broadcasting, not publishing, which is the company's
heritage.
From that perspective, the crushing recession of recent
years and inexorable migration of readers and advertising revenue online have
transformed the 165-year-old company into a TV station group that also owns
newspapers, including the Chicago Tribune.
Chicago-based Tribune Co.'s 23 television stations —
including WGN-TV in Chicago, KTLA-TV in Los Angeles and WPIX-TV in New York —
now represent the majority of the company's cash flow and net worth.
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