Publisher of the L.A. and Chicago Tribune to Emerge From Bankruptcy

“(Reuters) – U.S. media giant The Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, said late on Sunday it will emerge from bankruptcy on December 31, ending four years ofChapter 11 reorganization.

Chicago-based Tribune said it will emerge from the Chapter 11 process with a portfolio of profitable assets that will include eight major daily newspapers and 23 TV stations. The company will also have a new board of directors.

“Tribune will emerge as a dynamic multi-media company with a great mix of profitable assets, powerful brands in major markets, sufficient liquidity for operations and investments and significantly less debt,” Eddy Hartenstein, Tribune’s chief executive officer, said in an email to employees. “In short, Tribune is far stronger than it was when we began the Chapter 11 process.”

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