THE OWNER of some of the US’s most historic newspapers is set to refocus on its television business as it emerges from bankruptcy after four years.
Tribune, the owner of the LA Times and Chicago Tribune, is expected to sell most of its newspaper holdings after new loans and stock issues allowed the company to reorganise its debts and exit bankruptcy on Monday.
Rupert Murdoch is rumoured to be amongst those interested in Tribune’s newspapers – which also include the Baltimore Sun.
Tribune, which started life in 1847 as the publisher of the Chicago paper, appointed a new board this week, including former Yahoo chief executive Ross Levinsohn and ex-News Corp executive Peter Liguori.
Liguori, who headed News Corp’s FX TV network, is expected to be made Tribune’s new chief executive, a move that indicates the company’s focus on television.
Tribune’s assets include its entertainment TV network WGN and stakes in websites including CareerBuilder.com. Its owners include JP Morgan Chase and a number of hedge funds.