Oct 22, 2010

Tribune Co. is supposed to file bankruptcy plan today

The Wall Street Journal reports that Tribune Co., which owns the Los Angeles Times, Chicago Tribune and other media outlets, will file its plan to emerge from bankruptcy sometime today. A former News Corp. executive, Peter Chernin, is on a short list to replace Randy Michaels as CEO.

From the Journal:
People familiar with the matter said Mr. Chernin is being considered, and might be interested in, heading Tribune's new board. His spokesman said he isn't interested in the CEO job but declined to comment on whether he was approached about or is interested in becoming chairman ...

Tribune's post-bankruptcy team isn't expected to include Chief Executive Randy Michaels, who is expected to resign by the end of the week after damaging revelations about the company's culture. People familiar with the situation say he will be succeeded temporarily by a four-person team comprising Tony Hunter, publisher of the Chicago Tribune; Eddy Hartenstein, publisher of the Los Angeles Times; Nils Larsen, chief investment officer at Tribune; and Don Liebentritt, Tribune's chief restructuring officer.

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