Post bankruptcy, Tribune Co. plans to sell off newspapers and TV stations

The Tribune Co. officially emerged from bankruptcy Monday after four years of messy proceedings, with a new board and plans to sell off its 23 television stations, eight daily newspapers and stakes in websites like

The new board is heavy on entertainment industry veterans and includes former Yahoo (s YHOO) and News Corp. (s NWS) exec Ross Levinsohn, former News Corp exec Peter Liguori, former Walt Disney (s DIS) exec Peter Murphy and entertainment attorney Craig A. Jacobson, along with Tribune Co. CEO and Los Angeles Times publisher Eddy Hartenstein and Bruce Karsh and Kenneth Liang of Oaktree Capital Management, which owns 23 percent of the new company. The Chicago Tribune notes that Liguori is expected to be named CEO in coming weeks, replacing Hartenstein.

According to the Chicago Tribune:

“Before cash distributions and new financing, a 2012 analysis by financial adviser Lazard valued the broadcasting assets, including the TV stations, WGN-AM 720, CLTV and national cable channel WGN America, at $2.85 billion. Other strategic assets, such as online job site CareerBuilder and cable channel Food Network, are worth $2.26 billion.

Tribune Co.’s newspaper holdings, including the Tribune, Los Angeles Times and six other daily publications, have withered to $623 million in total value, according to Lazard.”

News Corp. CEO Rupert Murdoch, Warren Buffett and Aaron Kushner have expressed interest in buying Tribune Co. papers.

Photo courtesy of Shutterstock / Steve Broer