There isn't an overnight solution. First and foremost, have best-in-class journalism. You have to take that content, have it be applicable across all media platforms — mobile, digital and good old-fashioned print. You've got to get paid for it. And now more than ever, you'd better be as efficient as possible. Our job is to grow the bottom line, but if we're increasing our profitability and our margin, it also opens up to investing in the businesses and being more innovative.
Newspapers continue to lose ad revenue from print, but advertising on the Web isn't picking up the slack. Can that be fixed?
It's something that the industry in general is going to have to focus on and do a better job. I think there is going to be a lot of trial and error.
Are there plans to sell the newspapers?
There are people interested in the newspapers. It is my fiduciary responsibility to hear them out and see if in fact their interest is real and their commitment is concomitant with the value of these newspapers. But that runs parallel to my working with you guys on running the business on a day-to-day basis to maximize the value.
Are there other assets Tribune might look to sell?
I'm not going into this job with a fire-sale sign. I come into the job looking to grow the company. If in fact you maximize the value of each and every one of the assets, I do think they become more attractive. Will they have suitors? Yes, they may in fact have suitors. Do I have to listen to them? Absolutely. Do I want to listen to them? Absolutely. It's my responsibility to shareholders to do so. Everything has its own inherent value.
Will you look to take Tribune public eventually?
It's an option. Taking a company public is actually a luxury and byproduct of running a company well.
Some newspaper owners have been selling their valuable downtown locations to take advantage of the uptick in the real estate market. Is there any plan to sell the properties in Los Angeles, Orange County or downtown Chicago?
There is no doubt that we have great real estate — fantastic properties, great areas. We're starting to go out and lease some of the properties in Chicago and Los Angeles at really great rates. There is a very fertile real estate opportunity for Tribune.
Times staff writers Meg James and Walter Hamilton contributed to this report.
Tribune Co. emerges from bankruptcy
Letter from Peter Liguori, new Tribune CEO
Rupert Murdoch, other potential buyers eye L.A. Times
Follow Joe Flint on Twitter @JBFlint.
INTERACTIVE: TVs highest paid stars
INTERACTIVE: YouTube's viral videos of 2012
PHOTOS: Hollywood back lot moments