A hearing to determine the fate of the Tribune Co.’s proposed reorganization plan resumed Tuesday with attorneys for Tribune and attorneys for noteholders who have submitted a competing plan continuing to squabble over technical issues. The judge again signaled his desire for a conclusion to the Chapter 11 case, which has dragged on for more than two years. Get the full story »
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Hearing resumes on Tribune reorganization
A Delaware bankruptcy judge has resumed a hearing to determine whether he should approve Tribune Co.’s proposed reorganization plan. Get the full story »
Aurelius: Halt Tribune confirmation hearings
Aurelius Capital Management said Tribune Co. must call a halt to confirmation proceedings on its Chapter 11 plan, which are set to resume Tuesday in a Delaware bankruptcy court. Get the full story »
Tribune Co. creditor amends reorganization plan
Aurelius Capital Management, the largest junior creditor in the Tribune Co. bankruptcy case, on Monday amended its proposed plan for restructuring the media company in an attempt to make the plan more palatable to senior creditors and the judge presiding over the Chapter 11 proceedings. Get the full story »
Howard Stern sues Sirius XM over bonus
Howard Stern. (Reuters/Shannon Stapleton)
The production company and long-time agent for radio “shock jock” Howard Stern has sued Sirius XM Radio Inc. in the New York Supreme Court, alleging Stern was promised performance-based stock awards the satellite radio company refused to pay.
Attempts to reach a spokesman for Sirius XM Radio to respond to the suit were not immediately successful. Get the full story »
March 22 at 2:17 p.m.
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Filed under: Bankruptcy, Litigation, Media, Newspapers, Radio, TV Ex-Tribune Co. shareholders open to new suits
From Bloomberg News | A Bankruptcy Court judge ruled Tuesday that creditors can file state suits against former Tribune Co. shareholders who netted billions of dollars when the media company was taken private in 2007. Federal lawsuits are under way on the matter. The company filed for Chapter 11 in 2008.
Blagojevich’s fill in for WLS’s Don and Roma
Tower Ticker | WLS-AM 890 has found another husband-and-wife team to fill in Wednesday morning for Don and Roma Wade: Former reality TV stars Rod and Patti Blagojevich.
“I feel like the time is right, given all that’s going on in the state of Illinois and city of Chicago,” station boss Michael Damsky said, “regardless of whatever else is going on.”
Exec says Tribune Co. needs quick Chaper 11 exit
Eddy Hartenstein in 2008. (Anne Cusack/Los Angeles Times)
The publisher and CEO of the Los Angeles Times says it’s important that the Tribune Co. emerge from bankruptcy protection as soon as possible.
Eddy Hartenstein, also a co-president of Tribune Co., testified Monday that the cloud of bankruptcy is hurting Tribune’s ability to keep and attract employees and to forge partnerships to help it compete in the rapidly-changing media industry.
Hartenstein was the final Tribune witness in a hearing to determine whether a Delaware judge will approve the company’s reorganization plan. Noteholders who have submitted their own plan will present their case later. Get the full story »
Cumulus strikes deal for WLS-AM, Citadel
Everyone, it seems, has a price and Cumulus Media finally found Citadel Broadcasting’s.
Cumulus said Thursday it has agreed to acquire Citadel, parent of Chicago’s WLS-AM and FM, in a cash-and-stock transaction that values Citadel at between $2.4 billion and $2.5 billion.
Jack’s out, Eddie and Jobo in on WJMK
Tower Ticker | Eddie and Jobo are back with CBS Radio in Chicago, and Jack’s been jilted. If it’s not quite like old times at WJMK-FM 104.3, it will be closer than it has been.
Beginning at 1:04 p.m. Monday, the one-time oldies station will switch from the Jack FM variety format it’s embraced for almost six years to a mix of hits from the 1960s, ’70s and ’80s. Gone will be the disembodied recorded voice of Jack (Howard Cogan), replaced by actual live and local on-air personalities.
Rebranded as K-Hits, though the call letters won’t change, WJMK will also bring the long-time team of Ed Volkman and Joe “Jobo” Bohannon (nee Colborn) back not only to morning radio as 5:30 a.m. to 10 a.m. weekday hosts but also to CBS Radio, which cut them loose from WBBM-FM 96.3 in late 2008 with many months left on their multimillion-dollar contracts.
Resolution hearing opens in Tribune Co. bankruptcy
WILMINGTON, Del. – The warring creditors in Tribune Co.’s bankruptcy case provided few surprises Monday as they fired their opening shots in litigation aimed at resolving a case that one lawyer said had come to resemble “water torture.” Get the full story »
Feb. 15 at 3:54 p.m.
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Filed under: Bankruptcy, Media, Newspapers, Philanthropy, Radio, TV Tribune Co. reorganization plans draw new fire
Bloomberg News | The Robert R. McCormick Foundation, onetime one of the largest shareholders in Tribune Co., opposes the remaining two reorganization plans for the media giant, because neither would end lawsuits against shareholders, including the foundation, that made billions of dollars in the company’s leveraged buyout.
Zell tells Forbes he won’t miss Tribune Co.
Tower Ticker | The same day Tribune Co. reported an uptick in its business during 2010, Forbes Magazine posted an interview with Chairman Sam Zell in which the entrepreneur once more made it clear he won’t be sorry to say farewell to the Chicago-based media concern.
Tribune Co. revenue climbs 1%
Chicago-based Tribune Co. said Wednesday that operating cash flow at its two largest publishing units — the Los Angeles Times and Chicago Tribune — was essentially flat in 2010 compared to 2009, while overall operating cash flow increased $140 million to $635 million.
“The past year showed substantial improvement over 2009,” Chandler Bigelow, Tribune Co.’s chief financial officer, said in a statement. Get the full story »
Jan. 24 at 12:43 p.m.
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Filed under: Bankruptcy, Litigation, Media, Newspapers, Radio, TV Tribune creditors seek information on buyout
Attorneys for creditors who oppose the Tribune Co.’s proposed reorganization plan are seeking more information related to the 2007 leveraged buyout that left the media conglomerate saddled with debt. Get the full story »
