Tribune Weighs Bankruptcy
Move comes following third quarter loss.
By Michael Malone -- Broadcasting & Cable, 12/7/2008 5:18:00 PM
Burdened with significant debt, Tribune Company has hired bankruptcy advisers to consult on the media company’s options, reports the New York Times. The advisors include Lazard and Sidley Austin, which has long handled legal matters for Tribune.
Tribune is contending with substantial interest payments, and, as the Times reports, maintenance covenant on some debt that limits the company’s borrowings to no more than nine times earnings before interest, depreciation and amortization.
Tribune
from continuing operations of $124 million last month, compared to income of $84 million in the same quarter a year ago. It cited “an exceptionally difficult financial and economic environment.” Television operating revenues were down 8% for the quarter to $264 million.
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The Tribune was in major trouble BEFORE Zell bought it. It was his EGO, not business that made him buy it. The newspapers and the Cubs are money wasters. Zell blamed the CW instead of being realistic. Zell betrayed long standing Tribune traditions like endorsing Obama, he screwed up royally.
They should've sold Tribune piece by piece.
Eric Post - 12/8/2008 12:27:00 PM EST -
Great job Zell, u ruined ecomony, high gas prices, house gose up and bad CW Network.
Oak Hill Capital's Local TV will buy all 23 stations ,NBC or Disney.
Daniel Nelgrave - 12/8/2008 6:58:00 AM EST
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