Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Tribune Company Set To Exit Bankruptcy Protection
Author: Joel R. Glucksman
Date: January 10, 2013
Key Contacts
Back
Cable and newspaper network, Tribune Co. is prepared to exit Chapter 11 bankruptcy protection and start the new year with a fresh start.
The company, which owns news outlets the Los Angeles Times and Chicago Tribune, announced its plans to emerge from bankruptcy before January, bringing an end to four years of bankruptcy proceedings. The company said it seeks to sell off its newspaper assets and instead focus on its WGN channel and other television stations it owns. Although the company will emerge with all its newspaper assets, it has already sought out investment banks to help it sell off these sections.
The company currently owns eight daily newspaper and 23 television stations. Currently, television assets make up roughly $2.85 billion of the company’s $7 billion valuation, while its newspaper assets account for only $623 million.
Many analysts said they expected the company to unload its newspaper unit, as readership declines and a steep drop in advertising revenue have made this sector more financially burdensome, according to Reuters. In a five-year period, the company lost roughly half of its advertising revenue. Other news outlets have faced similar problems, and have focused on building their online mediums and imposing subscription costs for online content. These trends have become pervasive at the New York Times and the Wall Street Journal.
The Tribune Co. filed for protection under bankruptcy law in December 2008. The move was largely attributed to the sale of the company to real estate investor Sam Zell in 2007 who saddled the company with roughly $13 billion in debt. During the same period, the newspaper industry hit a downturn that had a disparate impact on several news agencies.
If you face bankruptcy issues in your business, please call me.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
You Just Received a Federal Grand Jury Subpoena in New Jersey: Now What?
Receiving a federal grand jury subpoena is not something most businesses or individuals anticipate. While it can be concerning, a federal grand jury subpoena does not necessarily mean that you are being accused of wrongdoing. It does, however, mean that a federal criminal investigation is underway and that federal prosecutors believe you may possess information […]
Author: George McGowan
Why Every Business Should Conduct an Annual Insurance Coverage Review
Most New Jersey business owners purchase insurance policies, file them away, and assume they are protected if a claim arises. Without a regular insurance coverage review, many companies discover gaps only after a lawsuit, cyberattack, property loss, or other significant event occurs. An annual insurance coverage review can help businesses identify potential risks, ensure their […]
Author: George McGowan
Demand Letters & Cease and Desist Letters: When to Send One (and When Not To)
Businesses and individuals often encounter situations where another party breaches a contract, fails to pay a debt, or continues harmful conduct. In many such disputes, a precisely drafted demand letter or cease-and-desist letter serves as a powerful legal tool. It can frequently resolve the dispute and avoid litigation. While demand or cease-and-desist letters can resolve […]
Author: George McGowan
How to Effectively Use Contracts to Manage Risk
Key provisions in your contracts, including those relating to indemnification, insurance, and defense, are essential to contract risk management. While sometimes considered “boilerplate,” these provisions play a pivotal role when determining which party is responsible for certain costs and liabilities. They must always be negotiated and drafted carefully. Indemnification Clauses Businesses should never overlook the […]
Author: George McGowan
Understanding Portability for Estate and Gift Tax
Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]
Author: Marc J. Comer
Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool
For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]
Author: Marc J. Comer
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.