Keyword: tribune

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  • Cuts needed, Tribune's Zell says, 'so we can survive' (Dinosaur Media DeathWatch™)

    07/23/2008 5:54:49 AM PDT · by abb · 21 replies · 295+ views
    Baltimore Sun ^ | July 23, 2008 | Lorraine Mirabella
    Real estate mogul Sam Zell, who took control of media giant Tribune Co. about six months ago, defended yesterday the staffing and page cuts under way at The Sun and its other newspapers as necessary in the worst advertising climate in decades. In a conference call with Tribune Co. reporters, Zell said reducing staff by as much as 25 percent in some newsrooms and shrinking and redesigning the company's newspapers were the only options to ensure short-term survival and to allow a longer-term reinvention of the American newspaper. "We're looking at some of the worst advertising numbers in the history...
  • L.A. Times Publisher David Hiller resigns (Dinosaur Media DeathWatch™)

    07/14/2008 12:35:55 PM PDT · by abb · 42 replies · 488+ views
    Los Angeles Times ^ | July 14, 2008 | Michael A. Hiltzik
    Los Angeles Times Publisher David Hiller resigned today after a 21-month tenure that included the departure of two Times editors and plans for the sharpest staff and production cuts in the newspaper's history amid a continuing slide in advertising revenue. Tribune Co. -- which owns The Times and other media assets, including the Chicago Tribune and KTLA-TV Channel 5, and the Chicago Cubs baseball team -- named no successor to Hiller. Hiller was the third Times publisher named since the newspaper was acquired in 2000 by Chicago-based Tribune. He succeeded Jeffrey M. Johnson, who lost his job after publicly resisting...
  • Chicago Tribune to cut 80 newsroom positions (Dinosaur Media DeathWatch™)

    07/08/2008 2:17:45 PM PDT · by abb · 18 replies · 253+ views
    Chicago Tribune ^ | July 8, 2008 | Phil Rosenthal
    The Chicago Tribune began informing staff Tuesday it will eliminate around 80 of its current 578 newsroom positions by the end of August and reduce the number of pages it publishes by 13 percent to 14 percent each week. There also will be a reduction of jobs in other Chicago Tribune departments, but that number was not immediately available. A paper spokesman declined comment. Because some newsroom jobs have been left unfilled in recent months, the actual number of staffers to exit the paper is expected to be between 55 and 58. "Like many newspapers, we're feeling financial pressures," Hanke...
  • Tribune receives $300 million loan (Dinosaur Media DeathWatch™)

    07/07/2008 9:09:20 AM PDT · by abb · 49 replies · 405+ views
    Variety ^ | July 3, 2008 | CYNTHIA LITTLETON
    On the heels of announcing steep layoffs at the Los Angeles Times, Tribune Co. said Thursday it had arranged a $300 million bank loan with Barclays Bank, most of which would be used to pay off part of an existing loan. The Barclays transaction was described as an “asset-backed commercial paper facility,” meaning it’s backed by accounts receivable money that Tribune is owed. The arrangement with Barclays allows Tribune to get a cash infusion pronto without having to wait for those bills to come due. Still, it’s a sign of the cash crunch at the debt-laden Chicago-based newspaper and TV...
  • Baltimore Sun announces downsizing plans (Dinosaur Media DeathWatch™)

    06/25/2008 1:12:22 PM PDT · by abb · 30 replies · 466+ views
    Poynter Online ^ | June 25, 2008 | Tim Ryan
    Date/Time: 6/25/2008 3:20:34 PM Title: Baltimore Sun announces downsizing plans Posted By: Jim Romenesko Memo from Baltimore Sun publisher Tim Ryan Sent: 6/25/2008 3:00 PM Subject: Organizational Update Dear Employees / Owners, The two key factors that will sustain our company for the future are customer satisfaction and financial stability. Achieving both goals is challenging in the very best of market conditions. In the face of today’s tough economy, adapting to consumer trends while maintaining our fiscal strength is proving to be even more difficult – yet even more critical. Our long-term strategy of going on offense and creating growth...
  • Tribune Tower could be put up for sale (Dinosaur Media DeathWatch™)

    06/25/2008 11:11:29 AM PDT · by abb · 17 replies · 227+ views
    Chicago Tribune ^ | June 25, 2008 | Phil Rosenthal
    Tribune Tower is in play. Tribune Co. Chairman Sam Zell told staff today the company is in discussions with "a number of real estate firms" to determine how to generate the most value from the neo-Gothic Michigan Avenue home of the flagship Chicago Tribune, an iconic bookend of the city's Magnificent Mile. The company is also weighing its strategic options concerning the Los Angeles Times' downtown Times Mirror Square complex, another high-profile real estate asset. "When we started this adventure together, I made a point of saying we would challenge traditional thinking, that there would be no sacred cows, and...
  • Tribune Tests New Design in Orlando (Dinosaur Media DeathWatch™)

    06/22/2008 6:20:44 PM PDT · by abb · 30 replies · 171+ views
    The Wall Street Journal ^ | June 23, 2008 | Shira Ovide
    The Orlando Sentinel landed on newsstands Sunday with a new layout featuring more graphics, quick-read digests of top news, blog summaries and other changes aimed at making the newspaper more appealing to harried readers. Orlando is a proving ground for Sam Zell's effort to reinvent floundering Tribune Co., owner of a string of television stations and newspapers, including the Sentinel, the Chicago Tribune and the Los Angeles Times. Between now and the end of September, Tribune plans to roll out redesigns at its papers. Accompanying the makeovers will be scaled-back page counts and further paring of employees. snip It remains...
  • (Chicago) Tribune staffers warned of drastic cuts ahead (Dinosaur Media DeathWatch™)

    06/20/2008 11:42:53 AM PDT · by abb · 14 replies · 360+ views
    Courier News ^ | June 20, 2008 | David Roeder
    The editor of the Chicago Tribune issued a memo Thursday to prepare her reporters and editors for drastic changes in content and painful reductions in staff. The memo from Editor Ann Marie Lipinski set out timetables for decisions leading to a "rethought and redesigned" Tribune promised in mid-September. Internal committees, she said, will evaluate which editorial matter to keep as the paper downsizes and, by mid-August, will recommend staffing levels. The paper is carrying out a directive from Tribune Co. owner Sam Zell to reduce costs. Declining revenues threaten Zell's ability to pay debt he took on for his leveraged...
  • Tribune Co. Plans Sharp Cutbacks at Papers (Dinosaur Media DeathWatch™)

    06/05/2008 9:13:55 PM PDT · by upchuck · 12 replies · 126+ views
    NY Slimes ^ | June 6, 2008 | RICHARD PÉREZ-PEÑA
    Tribune Company newspapers like The Los Angeles Times and The Chicago Tribune will quickly cut costs — by printing fewer papers and employing fewer journalists — top company executives said on Thursday. Samuel Zell, the chairman and chief executive of Tribune, and Randy Michaels, the company’s chief operating officer, revealed the cuts during a conference call with Wall Street analysts. They also said the struggling company has looked at the column inches of news produced by each reporter, and by each paper’s news staff. Finding wide variation, they said, they have concluded that it could do without a large number...
  • Tribune papers to be "right-sized" with 50-50 ad-edit ratio (Dinosaur Media DeathWatch™)

    06/05/2008 2:05:23 PM PDT · by abb · 25 replies · 1,842+ views
    Poynter Online ^ | June 5, 2008 | Jim Romenesko
    Date/Time: 6/5/2008 4:50:07 PM Title: Sam Zell and Randy Michaels memo Posted By: Jim Romenesko Memo to Tribune employees Partners, Instead of recapping our first quarter numbers, which you can see in our news release online, we want to get to the heart of what we’re sure all of you are focused on after our earnings call today – our discussion around the changing business model for publishing. What has become clear as we have gotten intimately familiar with the business is that the model for newspapers no longer works. Supply and demand are not in balance, and that manifests...
  • Tribune Covers For Obama's Terrorist Friends

    05/09/2008 4:56:26 AM PDT · by libstripper · 7 replies · 94+ views
    GOPUSA ^ | May 8, 2008 | Cliff Kincaid
    The Chicago Tribune, which once employed Barack Obama campaign strategist David Axelrod, is refusing to publish the truth about a Weather Underground terrorist bombing that killed a policeman. The paper apparently does not want to tarnish the image of Obama friends Bill Ayers and Bernardine Dohrn, who were allegedly part of or had direct knowledge of the bombing plot that also injured several other police officers. The Tribune considers Ayers an education expert and has published various articles by him. Please help Accuracy in Media expose the Tribune's cover-up. I sent a copy of the following email message to Tribune...
  • Tribune posts 8% drop in operating revenue (Dinosaur Media DeathWatch™)

    05/09/2008 4:48:18 AM PDT · by abb · 16 replies · 129+ views
    Los Angeles Times ^ | May 9, 2008 | Thomas S. Mulligan
    A continued weak advertising environment resulted in an 8% decline in first-quarter operating revenue and a 16% drop in operating cash flow for Tribune Co., parent of the Los Angeles Times, KTLA-TV Channel 5, the Chicago Tribune and other media holdings. However, because of Tribune's conversion to a tax-advantaged, employee-owned company in December, it posted a one-time, $1.86-billion income tax adjustment that resulted in net income of $1.82 billion for the quarter that ended March 31, compared with $11 million in the same 2007 period. Quarterly operating revenue was $1.11 billion, compared with $1.21 billion a year earlier, and operating...
  • Tough Guy (Sam Zell) in a Mean Business (Tribune Co. - Dinosaur Media DeathWatch™)

    04/06/2008 4:44:27 PM PDT · by abb · 18 replies · 90+ views
    The New York Times ^ | April 7, 2008 | RICHARD PÉREZ-PEÑA
    Since taking control of the Tribune Company in December, Sam Zell has drawn a lot of attention in journalism circles for speeches laced with profanity, political incorrectness, insults and self-deprecating humor. But all the twittering and tut-tutting over Mr. Zell’s remarks — and his suggestions that some reporting jobs are not needed — masks a more serious concern. With the newspaper industry going through an unexpectedly sharp contraction, Tribune is struggling under $12.8 billion in debt, and its financial condition has deteriorated, creating what specialists say is a very real risk of credit default in the next year or so....
  • Tribune Co (LA Times, Newsday, etc.) faces default threat in '09 (Dinosaur Media DeathWatch™)

    04/04/2008 9:33:12 AM PDT · by abb · 13 replies · 256+ views
    Reuters ^ | April 4, 2008 | Robert MacMillan and Kenneth Li
    Tribune Co is at risk of defaulting on its debt in as little as 18 months if the newspaper business deteriorates further, and it fails to unload more properties. By some estimates, Tribune could fetch $1.6 billion for the Newsday daily paper and the Chicago Cubs baseball team and related properties, the assets it has already put on the block. Newsday has already attracted interest from News Corp's (NWSa.N: Quote, Profile, Research) Rupert Murdoch and New York Daily News owner Mortimer Zuckerman. Still, Tribune has nearly $4 billion in debt and interest payments due by the end of 2009, according...
  • Tribune's looming deadline (Dinosaur Media DeathWatch™)

    03/31/2008 11:37:05 AM PDT · by abb · 25 replies · 496+ views
    Crain's Chicago Business ^ | March 29, 2008 | Ann Saphir
    Tribune Co. CEO Sam Zell's about-face on protecting assets other than the Cubs appears to be a simple matter of meeting a deadline. The company has about $12 billion in debt, most of it the result of Mr. Zell's leveraged buyout in December. A first payment of $650 million comes due Dec. 4. The original plan when Mr. Zell took control of the company was to raise the cash by selling the Cubs, which could fetch $700 million or more. But that deal is taking longer than expected, as Mr. Zell seeks to boost his Cubs take by selling Wrigley...
  • Murdoch makes a play for (New York) Newsday (Dinosaur Media DeathWatch™)

    03/20/2008 2:34:48 PM PDT · by abb · 19 replies · 476+ views
    Crain's New York Business ^ | March 21, 2008 | Matthew Flamm
    Rupert Murdoch may not be done expanding his newspaper empire. The News Corp. chairman, who’s still digesting Dow Jones & Co., is now believed to have set his sights on Newsday. According to one newspaper industry insider, the company has made a bid for Tribune Co.’s Long Island paper. Newsday also owns amNew York, a daily tabloid handed out free in New York City. Talk of the bid has surfaced at the same time that Tribune’s new Chief Executive Sam Zell has said that an advertising downturn has forced him to consider selling off company assets. Additionally, Standard & Poor’s...
  • Tribune (LA Times, Newsday, etc) Reports Q4 Loss of $78 Million (Dinosaur Media DeathWatch™)

    03/20/2008 12:41:34 PM PDT · by abb · 16 replies · 323+ views
    Editor & Publisher ^ | March 20, 2008 | Staff
    In its last quarter as a publicly traded company, Tribune Co. lost $78 million from continuing operations, the now-private Chicago media giant reported Thursday. For the full year 2007, Tribune was profitable, but its $55 million income from continuing operations was a big decrease from the $661 million it cleared in 2006. Tribune said it took a pretax non-cash goodwill and masthead impairment charge of $130 million in the last quarter of 2007. The charge was $79 million after taxes, it said. Tribune also reported increased charges for severance and related charged in the quarter, and a $6 million pre-tax...
  • Zell trumpets tearing down bureau walls (New owner Raises Zell - Dinosaur Media DeathWatch™)

    02/27/2008 6:17:03 AM PST · by abb · 14 replies · 340+ views
    Chicago Tribune ^ | February 27, 2008 | Phil Rosenthal
    'Break down these ... walls," Sam Zell told print and broadcast staff Tuesday at Tribune Co.'s Washington bureau, part of the boss' tour of the company's various media properties, and you can bloody well guess what the ellipsis is for if you've been keeping tabs on Zell's road shows to date. It wasn't exactly Ronald Reagan at Berlin's Brandenburg Gate, but it was close. Zell, Tribune's chairman and chief executive, wants to unify the company's Washington bureau, and he seems to feel diplomacy has gotten the company nowhere so far. To Zell, the bureau isn't home to reporters from its...
  • Stanton named editor of the L.A. Times (Deck Chair Re-arrangement Alert)

    02/15/2008 4:46:12 AM PST · by abb · 8 replies · 141+ views
    Los Angeles Times ^ | February 15, 2008 | Thomas S. Mulligan and Martin Zimmerman
    Russ Stanton, a 10-year veteran of the Los Angeles Times who has been in charge of invigorating its website, on Thursday became the newspaper's 14th editor. Stanton will lead a staff chafing from the recent exit of its third editor in less than three years and worried about job cuts. Former Editor James O'Shea and Publisher David D. Hiller parted ways Jan. 21 after a disagreement over whether the editorial budget should shrink. The 49-year-old Stanton referred to "the high turnover rate in this job" in remarks he delivered in the paper's third-floor newsroom in downtown Los Angeles. "Like most...
  • Tribune Co. cutting at least 400 jobs, many of them at LA Times *Dinosaur Media Death Watch*

    02/13/2008 1:02:23 PM PST · by NormsRevenge · 15 replies · 184+ views
    AP on Bakersfield Californian ^ | 2/13/08 | Don Babwin - ap
    Tribune Co. plans to cut 400 to 500 jobs companywide, including about 100 each at the Chicago Tribune and Los Angeles Times, the company announced Wednesday. The cuts, which amount to about 2 percent of the Chicago-based media company's workforce, are a necessary response to a weak economy and "significant declines in advertising volume at our newspapers," Tribune Company Chairman and Chief Executive Officer Sam Zell said in a memo to employees. "Unfortunately, I can't turn this ship from its course of the past 10 years within just a few months," said Zell, who took the company private in an...
  • Tribune Co. to lay off a dozen human resources workers (Dinosaur Media DeathWatch™)

    02/07/2008 6:04:28 AM PST · by abb · 7 replies · 188+ views
    Chicago Tribune ^ | February 7, 2008 | Phil Rosenthal
    <p>The streamlining of Tribune Co. corporate operations that billionaire Sam Zell promised when he assumed control in December has begun with a string of layoffs this week.</p> <p>Around a dozen employees in the Chicago-based media concern's human resources department were informed their positions at Tribune Tower are being eliminated, according to sources.</p>
  • (Tribune CEO Sam) Zell removes the Internet filters (Dinosaur Media DeathWatch™)

    01/22/2008 10:51:20 AM PST · by abb · 16 replies · 161+ views
    Poynter Online ^ | January 22, 2008 | Sam Zell
    Topic: Memos Sent to Romenesko Date/Time: 1/22/2008 1:02:54 PM Title: Zell removes the Internet filters Posted By: Jim Romenesko Memo to Tribune employees from Sam Zell From: Talk to Sam Sent: Tue 1/22/2008 11:03 AM Subject: Censorship, the First Amendment and the Fourth Estate Everyone, I learned on the first leg of our tour of Tribune's business units that some of them were filtering Internet content. I do not see how a member of the Fourth Estate, dedicated to protecting the First Amendment, can censor what its own employees and partners can see. I have instructed that all content filters...
  • Zell Makes Immediate Changes at Tribune

    12/20/2007 1:01:46 PM PST · by SmithL · 34 replies · 140+ views
    AP via SFGate ^ | 12/20/7 | DAVE CARPENTER, AP Business Writer
    Chicago (AP) -- Real estate magnate Sam Zell took control of newly private Tribune Co. on Thursday and began shaking up the newspaper and TV company the moment the $8.2 billion buyout he led closed, reshuffling the board, naming two top executives and promising more action ahead. Taking on the CEO's role as well as chairman, Zell made clear he won't hesitate to make sweeping changes at the media conglomerate even though he has no previous experience in the industry. He signaled he has no immediate asset sales in mind at the company that owns 23 television stations and nine...
  • Tribune facing an 11th-hour grilling (Dinosaur Media DeathWatch™)

    12/19/2007 8:34:59 AM PST · by abb · 16 replies · 304+ views
    Chicago Tribune ^ | December 19, 2007 | Michael Oneal
    Tribune Co. executives were sweating out aggressive last-minute questioning Tuesday from bankers reluctant to fund the final portion of a debt-laden $8.2 billion deal to take the company private with Chicago billionaire Sam Zell, sources close to the company said. The Chicago-based media giant was still hoping to finalize its transaction by Thursday, but sources said the banks, worried about losing money on the deal in skittish credit markets, were scouring company records before committing to fund the transaction. snip It was unclear what information the bankers were seeking. But the dilemma they face is that with the credit markets...
  • (Chicago) Tribune to raise price (Dinosaur Media DeathWatch™)

    12/18/2007 4:43:22 AM PST · by abb · 18 replies · 200+ views
    Chicago Sun-Times ^ | December 18, 2007 | Dave Roeder
    Like most American newspapers, the Chicago Tribune has been reducing the space for news in its print edition. But unlike most papers, it plans to charge more for less. The Tribune, flagship newspaper of Tribune Co., said Monday it will increase the newsstand price to 75 cents from 50 cents. The increase will apply to the Monday through Saturday editions. It comes as billionaire Sam Zell completes an $8.2 billion buyout of the company. Zell, struggling with declining revenue from advertising and circulation, structured a buyout built on nearly $8 billion in new debt for the company. The price hike...
  • Tribune Nov. Revenue Slips on Classified (Dinosaur Media DeathWatch™)

    12/12/2007 1:59:17 PM PST · by abb · 3 replies · 183+ views
    Yahoo Biz ^ | December 12, 2007 | Staff
    Tribune Nov. Revenue Falls Due to Ongoing Drop in Real Estate Classified Ad Sales CHICAGO (AP) -- Tribune Co. said Wednesday that revenue dipped 3.3 percent in November as classified ad sales continued to weigh on the nation's second-largest newspaper publisher because of significant real estate declines. The company, which is being bought out in a deal led by real estate mogul Sam Zell, said consolidated revenue declined to $413 million from $428 million a year ago. Publishing sales fell 3.5 percent to $309 million from $321 million, as ad revenue slipped 4.9 percent to $244 million from $257 million....
  • How Solvent Is Tribune Co.? (Dinosaur Media DeathWatch™)

    12/07/2007 9:50:10 AM PST · by abb · 7 replies · 47+ views
    The Wall Street Journal ^ | December 7, 2007 | Dennis K. Berman
    Deal Journal has covered literally hundreds of mergers and acquisitions. We can’t recall one that was publicly contingent on the receipt of a solvency opinion. There is one now. Sam Zell’s planned buyout of Tribune Co. The requirement gives us some pause on the same day that Tribune’s shares are up nearly $2.25 a share to $31.92, inching ever closer to the $34-a-share takeover price offered in Zell’s exotic employee-stock ownership takeover plan. Solvency opinions are typically used in highly-levered financial transactions, to test — surprise — a company’s ongoing solvency. They are designed as a legal protection for board...
  • Biggest hurdles await Tribune (Dinosaur Media DeathWatch™)

    12/03/2007 8:19:10 AM PST · by abb · 11 replies · 231+ views
    Chicago Tribune ^ | December 2, 2007 | Michael Oneal
    Relief was palpable in Tribune Tower on Friday. Clear victories, after all, have been few in Tribune Co.'s long, star-crossed struggle to restructure itself amid the worst financial crisis the newspaper industry has ever faced. But even as the Federal Communications Commission granted exemptions Friday that should allow real estate magnate Sam Zell to finally close his $8.2 billion deal to take the Chicago-based media conglomerate private, sources close to Tribune acknowledged that closing the transaction may prove to be the easy part. With indications that the economy is teetering on the brink of recession and several of Tribune's key...
  • Tribune Company (LA Times, et al) Oct. revenue falls 9.3% (Dinosaur Media DeathWatch™)

    11/27/2007 5:21:30 AM PST · by abb · 13 replies · 47+ views ^ | November 27, 2007 | Staff
    NEW YORK (MarketWatch) -- Tribune Company (TRB) on Tuesday said October revenue fell 9.3% to $383 million. Publishing revenue dipped 7.9% to $287 million. Advertising revenues decreased 10.6 percent to $222 million. Circulation revenue dropped 6.3% to single-copy declines and continued selective discounting in home delivery. Broadcasting and entertainment group revenues in October were $96 million, down 13.3%.
  • Tribune's 3Q Profit, Revenue Fall (Dinosaur Media DeathWatch™)

    10/24/2007 1:19:49 PM PDT · by abb · 4 replies · 55+ views
    Yahoo Biz ^ | October 24, 2007 | Dave Carpenter
    CHICAGO (AP) -- Media conglomerate Tribune Co. said Wednesday its third-quarter earnings dropped 7 percent as the housing slump and lower consumer spending worsened an ongoing decline in advertising revenue from its newspapers. The reduced profit and a 4 percent drop in revenue still exceeded analysts' expectations, and Tribune's slumping stock rose. Despite skepticism on Wall Street, Chief Executive Dennis FitzSimons said the transaction under which Tribune is going private remains on track to close in the fourth quarter. Tribune is still waiting for the Federal Communications Commission to grant it waivers from rules banning same-market ownership of television and...
  • Prove your kids are yours

    10/04/2007 12:31:16 PM PDT · by kawaii · 56 replies · 1,451+ views
    LA Observer ^ | Tuesday, September 25 2007 | Kevin Roderick
    Prove your kids are yours Kevin Roderick The Tribune Company has come up with a new tactic to cut costs and annoy the hell out of its employees — again. It seems that everyone on the staff at the L.A. Times (and so I assume KTLA) has to prove that their spouses and children really are theirs, and thus eligible for medical benefits. Though wasteful and mildly insulting it sounds easy enough, but apparently it's not. They call it a "Mercer Audit" and its demands have some staffers in an uproar. Some email exchanges follow after the jump, starting with...
  • Tribune August ad, publishing revenue falls (Dinosaur Media DeathWatch™)

    09/20/2007 6:57:46 AM PDT · by abb · 10 replies · 49+ views
    Reuters ^ | September 20, 2007 | Robert MacMillan
    NEW YORK, Sept 20 (Reuters) - Tribune Co (TRB.N: Quote, Profile, Research), which is going private in an $8.2 billion deal, said on Thursday that revenue fell in August because of a drop in publishing and advertising sales at its newspapers. Revenue fell 5.2 percent from a year earlier to $391 million. Publishing revenue fell to 6.1 percent to $271 million, while ad revenue fell 7.2 percent to $210 million. Retail ad revenue rose nearly 1 percent, and national ad revenue rose 2.8 percent, but classified ad revenue dropped 20.1 percent, partially due to a drop in real estate classified...
  • Tribune Co. shareholders approve buyout of U.S. media conglomerate (Sam Zell buys Tribune)

    08/25/2007 10:50:34 AM PDT · by AKSurprise · 4 replies · 373+ views
    International Herald Tribune ^ | 08/21/07 | Associated Press
    "Preliminary results indicated 97 percent of those casting votes approved the deal led by the billionaire Sam Zell. Tribune, an ailing U.S. newspaper publisher, put itself up for sale last year. Tribune, the owner of 11 daily newspapers, 23 television stations and the Chicago Cubs baseball team, still needs the Federal Communications Commission to grant it waivers from rules barring same-market ownership of television and newspapers. After that, it will have to navigate in a troubled newspaper industry while under a huge debt burden."
  • Tribune Revenues Down 5.9% in July (Dinosaur Media DeathWatch™)

    08/24/2007 5:08:52 AM PDT · by abb · 11 replies · 328+ views
    PR Newswire ^ | August 24, 2007 | Staff
    Publishing Advertising Revenues Decline 10.3%; Television Revenues Down 3.7% CHICAGO, Aug. 24 /PRNewswire-FirstCall/ -- Tribune Company (NYSE: TRB - News) today reported its summary of revenues and newspaper advertising volume for period 7, ended Aug. 5, 2007. Consolidated revenues for the period were $467 million, down 5.9 percent from last year's $496 million. Publishing revenues in July were $319 million compared with $349 million last year, down 8.6 percent. Advertising revenues decreased 10.3 percent to $247 million, compared with $275 million in July 2006. -- Retail advertising revenues decreased 6.0 percent with the largest declines in the department stores and...
  • How Solid Is the Deal for Tribune Company?

    08/20/2007 5:18:23 AM PDT · by abb · 5 replies · 325+ views
    The New York Times ^ | August 20, 2007 | Richard Perez-Pena
    When Tribune Company shareholders gather tomorrow in Chicago to approve an $8.2 billion plan to take the company private, an uncomfortable question is sure to be on many of their minds: Will this deal fall apart? The people involved say no, but the market seems to have its doubts. A lot has changed since April 2, when Tribune and Sam Zell, the real estate billionaire, announced the complex takeover. What looked then like a moderate slump in stock prices in the newspaper industry has turned into something worse, with Tribune suffering more than most, and the credit markets the company...
  • Tribune Co. shares fall another 3.5%

    08/14/2007 10:34:29 AM PDT · by Ernest_at_the_Beach · 18 replies · 381+ views
    MarketWatch ^ | Aug 14, 2007 11:53 AM ET | Russ Britt
    LOS ANGELES (MarketWatch) -- Shares of Tribune Co. (TRB : Tribune Company News , chart , profile , more Last: 24.57-1.20-4.66% 1:13pm 08/14/2007 Delayed quote data Add to portfolio Analyst Create alert Insider Discuss Financials Sponsored by: TRB24.57, -1.20, -4.7% ) dropped another 3.5% in midday trading Tuesday as concerns mounted that a dismal ad revenue situation might thwart the deal to take the newspaper giant private. Shares fell 90 cents to $24.87 in recent action, now putting the company's shares at nearly $10 a share below the planned sale price of Tribune. Real estate mogul Sam Zell is supposed...
  • Tribune 2Q Earnings Fall 59 Pct (Dinosaur Media DeathWatch™)

    07/25/2007 4:32:06 AM PDT · by abb · 14 replies · 451+ views
    Yahoo Biz ^ | July 25, 2007 | Staff
    NEW YORK (AP) -- Tribune Co., the parent company of the Chicago Tribune, Los Angeles Times and Chicago Cubs, said Wednesday its second-quarter earnings fell nearly 59 percent on continued slumping advertising revenues. Earnings after paying preferred dividends for the quarter were $36.3 million, or 18 cents per share, compared to $85.7 million, or 28 cents per share in the year-ago quarter. Earnings include a charge of 8 cents per share related to 450 job cuts across publishing and corporate operations, and a charge of 7 cents per share for the write-off of Los Angeles Times plant equipment related to...
  • Tribune Sale at Issue as Newspaper Woes Mount (Dinosaur Media DeathWatch™)

    07/23/2007 3:09:30 PM PDT · by abb · 13 replies · 341+ views
    Editor & Publisher ^ | July 23, 2007 | Staff
    NEW YORK Billionaire real estate investor Sam Zell was viewed as a savior in some quarters last spring when he swooped in to orchestrate an $8.2 billion buyout offer for Tribune Co. amid tepid interest for the ailing newspaper publisher. Now the industry's accelerating decline has some Wall Street experts wondering whether the deal for the parent company of the Chicago Tribune, Los Angeles Times and Chicago Cubs could fall apart. And even if it goes through, the employee stock ownership plan that will own most of the company could face a debt burden even more onerous than the one...
  • 'Chicago Tribune' Begins Selling Front-Page Ads This Week

    07/16/2007 5:14:43 PM PDT · by LdSentinal · 9 replies · 509+ views
    CHICAGO The Chicago Tribune will run ads on its front page and some section fronts, Tribune Publishing President Scott C. Smith said Monday in a memo to employees. The paper will begin selling the ad positions this week for "premium prices for brand and image advertising to key clients," Smith wrote to staffers. The color ads will be be 1.5 inches deep and run across the bottom of the section fronts. "This is a common ad size across the industry and will be common across Tribune newspapers to attract more business from national advertisers," Smith wrote. "They will also be...
  • Mark Cuban Applies to Buy Chicago Cubs (Dinosaur Media DeathWatch™)

    07/16/2007 8:19:44 AM PDT · by abb · 10 replies · 701+ views
    Yahoo Biz ^ | July 13, 2007 | Staff
    Dallas Mavericks Owner Mark Cuban Submits Application to Buy Chicago Cubs CHICAGO (AP) -- Add internet billionaire and Dallas Mavericks owner Mark Cuban to the list of potential Chicago Cubs buyers. "I submitted an app," Cuban said in an e-mail to The Associated Press. Interested parties must submit an application to Major League Baseball to examine the team's finances. Cuban told the Chicago Tribune he sent in the application last week, although he wasn't sure of the date. Tribune Co., which owns the team, announced in April it was selling itself for $8.2 billion to Chicago real estate mogul Sam...
  • Tribune's revenue down 11.1% in May

    06/20/2007 3:45:15 PM PDT · by KeyLargo · 4 replies · 282+ views ^ | June 20, 2007
    Tribune's revenue down 11.1% in May June 20, 2007 (AP) — Media conglomerate Tribune Co. said Wednesday its revenue fell 11.1 percent in May as advertising declined in both print and broadcast segments. The company, which owns the Chicago Tribune, the Los Angeles Times and 23 television stations, said consolidated revenue for the period ended May 27 dropped to $406 million from $457 million in the prior year. Publishing revenue fell 10.3 percent to $292 million from $325 million last year, as advertising revenue fell 11.8 percent to $230 million. Circulation revenue dropped 6.2 percent on lower single-copy sales and...
  • Tribune May Revenue Falls 11.1 Percent

    06/20/2007 1:41:19 PM PDT · by abb · 14 replies · 266+ views
    YahooBiz ^ | June 20, 2007 | Staff
    Tribune Revenue Falls 11.1 Percent in May on Declines in Several Units CHICAGO (AP) -- Media conglomerate Tribune Co. said Wednesday its revenue fell 11.1 percent in May as advertising declined in both print and broadcast segments. The company, which owns the Chicago Tribune, the Los Angeles Times and 23 television stations, said consolidated revenue for the period ended May 27 dropped to $406 million from $457 million in the prior year. Publishing revenue fell 10.3 percent to $292 million from $325 million last year, as advertising revenue fell 11.8 percent to $230 million. Circulation revenue dropped 6.2 percent on...
  • Sales rush on Tribune stock

    05/26/2007 1:35:10 PM PDT · by Zakeet · 1 replies · 473+ views
    Chicago Tribune ^ | May 25, 2007 | James P. Miller
    Tribune Co. said Friday that its $34-a-share tender offer for up to 126 million of its shares was heavily oversubscribed, and as a result the Chicago media holding company will buy a prorated portion of the shares tendered. Tribune said investors had tendered 224 million shares, representing 92 percent of the company's outstanding shares. The company didn't say what the pro rata percentage will be, noting that the count of tendered shares is preliminary. [Snip] The oversubscription was hardly a surprise, given the fact that investors were essentially being offered the option of receiving $34 for their shares now or...
  • 54 Trib staffers raise hand for buyout (Dinosaur Media DeathWatch™)

    05/21/2007 12:07:32 PM PDT · by abb · 2 replies · 262+ views
    Crain's Chicago Business ^ | May 21, 2007 | Gregory Meyer
    By a May 14 deadline, 54 Chicago Tribune newsroom employees had offered to take early retirement in response to a job cut plan at the paper, sources say. Volunteers include such recognizable bylines as City Hall reporter Gary Washburn and columnist Charles M. Madigan. Last month, Tribune managers said they would cut 100 jobs, or a little more than 3% of the Chicago publishing group's 2,900 workers, in response to faltering revenue. Employees expect to hear the outcome of their applications by month's end. [Gregory Meyer]
  • Tribune Revenues Down 3.6% in April (Dinosaur Media DeathWatch™)

    05/14/2007 5:22:32 AM PDT · by abb · 5 replies · 268+ views
    PR Newswire ^ | May 14, 2007 | Staff
    Monday May 14, 8:00 am ET Publishing Advertising Revenues Decline 10.3%; Television Revenues Down 1.1% CHICAGO, May 14 /PRNewswire-FirstCall/ -- Tribune Company (NYSE: TRB - News) today reported its summary of revenues and newspaper advertising volume for period 4, ended April 29. Consolidated revenues for the period were $399 million, down 3.6 percent from last year's $414 million. Publishing revenues in April were $279 million compared with $305 million last year, down 8.6 percent. Advertising revenues decreased 10.3 percent to $217 million, compared with $242 million in April 2006. -- Retail advertising revenues decreased 6.8 percent as weakness in the...
  • Extra! Tribune Sale Involves Tax Dodge (Dinosaur Media DeathWatch)

    04/30/2007 8:11:02 AM PDT · by abb · 6 replies · 464+ views
    Newsweek ^ | April 30, 2007 | Allan Sloan
    May 7, 2007 issue - Whenever you see a deal involving Los Angeles's Chandler family, you usually see a tax dodge. And sure enough, the pending sale of Tribune Co., the big media firm in which the Chandlers are the largest shareholders, exploits a loophole so gaping that we taxpayers can only pray that someone closes it quickly. But it's not the Chandlers, the media magnates (L.A. Times and Newsday) whose shenanigans I've tracked for 15 years, who are dodging taxes here. It's Sam Zell, the Chicago real-estate mogul who's buying control of Tribune. As best I can tell, the...
  • Ax to Fall at 'Chicago Tribune'?

    04/20/2007 8:36:41 PM PDT · by LdSentinal · 18 replies · 805+ views
    NEW YORK Potentially sacked with $13 billion in debt on top of weak Q1 results the Tribune Co. is planning a new wave of job cuts, sources told the Chicago Tribune. According to Michael Oneal at the Chicago Tribune, 100 positions at his paper could be targeted for buyouts. It's not known how many cuts Tribune plans to make company-wide. If not enough people step forward to take the packages, Tribune could result to layoffs. On Thursday, Tribune reported a net loss of $15.6 million in Q1. Operating cash flow fell to $238 million from $271 million compared to the...
  • Tribune Falls to a 1st-Quarter Loss (Dinosaur Media DeathWatch)

    04/19/2007 5:26:52 AM PDT · by abb · 11 replies · 383+ views
    Associated Press ^ | April 19, 2007 | Staff
    Thursday April 19, 7:57 am ET Tribune Falls to 1st-Quarter Loss on Severance Payments, Classified Ad Weakness CHICAGO (AP) -- Newspaper and television station owner Tribune Co., which recently accepted an $8.2 billion going-private bid from real estate mogul Sam Zell, said Thursday it swung to a first-quarter loss on weakness in classified advertising. The nation's second-largest newspaper publisher reported a loss after paying preferred dividends of $15.6 million, or 6 cents per share, compared with profit of $100.7 million, or 33 cents per share, in the prior-year period. Income from continuing operations slipped to $38 million, or 8 cents...
  • Tribune buyout leaves LA Times wondering what's next

    04/02/2007 7:23:25 PM PDT · by LdSentinal · 17 replies · 830+ views ^ | 4/2/07 | GARY GENTILE
    LOS ANGELES - The fate of the Los Angeles Times remained uncertain Monday after Tribune Co., its corporate parent, announced an $8.2 billion deal with Chicago real estate mogul Sam Zell to take the company private. The deal scuttled a competing bid by Los Angeles moguls Eli Broad and Ron Burkle designed in part to return the acclaimed paper to local control. Tribune's ownership of the Times has been rocky. Disputes between the Chicago-based corporation and leaders at the Times have led to the dismissal of two publishers and two editors. Times staff members have been bracing for the possibility...
  • Tribune Accepts Real Estate Magnate’s Bid (Chicago Tribune and LA Times Sold)

    04/02/2007 8:14:19 AM PDT · by shrinkermd · 21 replies · 754+ views
    NY Times ^ | 3 April 2007 | By KATHARINE Q. SEELYE and ANDREW ROSS SORKIN
    Sam Zell, a flamboyant Chicago real estate tycoon who has never run a newspaper, has won the battle of the billionaires for the Tribune Company, meeting the company’s demand for a higher bid to match one from Ronald W. Burkle and Eli Broad. Tribune announced that its stockholders will receive $34 a share, or $8.2 billion. Mr. Zell is supporting the deal with a $315 million investment and will join the board. The centerpiece of his proposal is a complex financial structure known as an employee stock ownership plan, which is to pay for much of the deal. Separately, the...