The media giant, The Tribune Co., celebrated the end of 2012 with a successful exit from Chapter 11 bankruptcy. The publishing company had a long four year run that left them back in control and with high hopes for a bright financial future.
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The Tribune Co. is owner of two of the nation’s largest newspapers, the Chicago Tribune and Los Angeles Times. After suffering continued blows to profits as the digital age progresses, the company was drowning under it’s nearly $13 billion debt load. Entering the bankruptcy process in 2008, the Tribune’s bankruptcy is one of the longest cases in corporate history.
Emerging with a slimmed-down company and more efficient operations plan, The Tribune Co. is moving into the New Year with advanced ideas. Looking for increased revenue through digital operations and internet media publishing, the company has also brought on board some big players in the entertainment and media industry to run things. Already owning 23 local television stations, six additional newspapers and other internet media entities, the Tribune is facing many challenges ahead as they move into the new age of media. The company hopes that their new board of directors is one of many changes that will bring about a lucrative future.