US media giant Tribune Co. emerged from bankruptcy yesterday, ending four years of Chapter 11 reorganization.
Tribune’s controlling owners, which include hedge funds Oaktree Capital and Angelo, Gordon & Co., and JPMorgan Chase, intend to sell most, if not all, of its newspapers and already have expressions of interest for The Los Angeles Times, The Orlando Sentinel and others, Reuters has reported.
For now, the Chicago company said its portfolio would include eight major daily papers and 23 TV stations.
Tribune’s newspapers remain profitable despite the falloff in readers and advertising. Veteran newspaper analyst John Morton estimated the Los Angeles Times could fetch $130 million at an auction, while the Chicago Tribune could garner $86 million in a sale.