Tribune Emerges From Bankruptcy, Will Focus on TV LA Times
Tribune Co., which emerged from bankruptcy on Monday with new owners and board of directors, is expected to focus on television but may eventually become a smaller company, reports the Los Angeles Times' Company Town blog.
The new Tribune's board will look at its assets to decide whether they should be sold or retained, the story notes. Many analysts believe that the eight newspapers owned by Tribune -- including the Los Angeles Times and Chicago Tribune -- will be sold.
The priorities of the new owners are said to be rejuvenating the television stations and improving programming on WGN, the piece notes. The stations had been hurt by a bad economy, but also suffered from Tribune's financial issues and management changes at the stations, according to the story.
The company is expected to keep its 30% stake in Food Network. Peter Liguori, a former Fox and Discovery Communications executive who is expected to become CEO later this month, will work to boost ratings for WGN-TV, potentially rebranding the station.