BUSINESS
November 23, 2011 | By Michael Oneal
Tribune Co. agreed to pay former chief executive Randy Michaels $675,000 in a settlement stemming from his abrupt resignation from the company Oct. 22, 2010. The company, which owns the Los Angeles Times, KTLA-TV Channel 5, the Chicago Tribune and other media properties, will also cover $50,000 in Michaels' legal fees, according to documents filed Tuesday in U.S. Bankruptcy Court in Delaware. Michaels, who resigned under pressure after news reports alleging he created a sexually charged "frat house" atmosphere in the corporate suite of the bankrupt media company, had demanded that he receive $900,000, the prorated potion of his planned 2010 management incentive bonus.
BUSINESS
July 18, 2011 | By Robert Channick
Tony Hunter, Chicago Tribune Media Group's publisher and chief executive, has added the title of CEO of parent Tribune Co.'s publishing division. The move, announced Monday by Tribune Co. Chief Executive Eddy Hartenstein, is part of the media conglomerate's effort to restructure and streamline its publishing division. Tribune operates the Los Angeles Times, the Chicago Tribune and other media properties. Hunter will oversee day-to-day operations of seven Tribune Co. daily newspapers and their digital operations.
BUSINESS
January 26, 2011 | By Ameet Sachdev and Phil Rosenthal
Tribune Co. said Wednesday that operating cash flow at its two largest publishing units ? the Los Angeles Times and Chicago Tribune ? was essentially flat in 2010 compared to 2009, while overall operating cash flow increased $140 million to $635 million. "The past year showed substantial improvement over 2009," Chandler Bigelow, Tribune's chief financial officer, said in a statement. The increase was attributed largely to the performance of Tribune's television stations across the country, which benefited from expansion of local programming and a surge in fourth-quarter political advertising.
BUSINESS
July 27, 2010 | By Michael Oneal
Under pressure from its creditors and unions, bankrupt Tribune Co. agreed to cut back on the bonuses it would pay under its proposed 2010 management incentive plan. The move comes as the Chicago media company seeks to win approval from creditors for a reorganization plan that would allow it to exit a bankruptcy case that has dragged on for almost 20 months. Management bonuses have been a flash point in the Tribune case since the company entered Chapter 11 proceedings in December 2008.
BUSINESS
April 14, 2010 | By Michael Oneal
Fresh from striking a hard-won compromise with many of its key creditor constituencies, Chicago-based Tribune Co. took one step forward and another step back at a hearing in U.S. Bankruptcy Court on Tuesday. Presiding over a courtroom packed with almost 100 lawyers and associates, Judge Kevin Carey blessed Tribune's exclusive right to press ahead with its recently filed settlement plan, rejecting a request to file a competing plan from several disgruntled creditors led by bond investor Oaktree Capital Management.
BUSINESS
April 9, 2010 | By Phil Rosenthal and Michael Oneal
Tribune Co. has brokered an agreement with its major creditors that will allow it to file its reorganization plan with the U.S. Bankruptcy Court in Delaware by Tuesday. The agreement, announced Thursday, would give a contentious group of junior creditors, led by distressed-debt investor Centerbridge Partners, a 7.4% slice of the company. The agreement also is supported by the unsecured creditors committee, which is expected to drop its previously filed motion asking for permission to sue the company over the propriety of Tribune's 2007 leveraged buyout.