Tribune Company To Emerge From Bankruptcy

[Markxxx]

After more than 31/2 years of bitter legal conflict, the judge inTribune Co.'s bankruptcy case said Friday that he will approve a plan to transfer ownership of the Chicago-based media company to a group of hedge funds and banks based in New York and Los Angeles...

...It also represents the start of a new era at the company, which will be controlled for the first time in its 165-year history by interests outside of Chicago — a group of senior creditors led by Oaktree Capital Management; Angelo, Gordon & Co.; and JPMorgan Chase & Co...

...The new Tribune Co. will be a smaller, less dominant competitor than it was just a few years ago. Its flagship newspaper group, which includes the Chicago Tribune, the Los Angeles Times and six other dailies, has withered in value to an estimated $623 million, according to company reports, and is now worth about a fifth of the company's 23 television stations, which the company recently valued at $2.9 billion. At an estimated value of more than $2 billion, even the company's equity investments in entities such as the TV Food Network andCareerBuilder.com dwarf the newspapers in perceived worth...

Full story at Chicago Tribune

So what do you all think? Predictions? As a Chicago native it's sad to see once again, Chicago losing out a major institution. Chicago seems to really be losing its status.