Tribune is streamlining its corporate setup for the possible sale of separate publishing and broadcasting units, reports Crain’s Chicago Business. The company plans to create a new publishing subsidiary that will hold all newspaper properties, while creating a “Tribune Television Co.” as well, according to bankruptcy-related documents it filed in Delaware.
The media company is expected to win court approval of its reorganization plan early next month at a hearing over several days, giving Tribune a chance to exit bankruptcy by the end of the year. Bankers, consultants and industry executives expect the new creditor-owners to be eager to convert assets to cash by separating and selling some, especially given the diverging prospects for broadcast and print.
Tribune has been in bankruptcy since late 2008.
Pundits in the story say Tribune will be primed to sell some assets once the corporation emerges from bankruptcy.
Here’s what the stations setup might look like, according to Crain’s.
On the broadcast side, the new structure separates TV stations under the Tribune Television Co. subsidiary into new limited liability companies for KDAF in Dallas, WPHL in Philadelphia, WPMT in Harrisburg, Pennsylvania, KTXL in Sacramento and KRCW in Portland, Oregon.