The court-appointed examiner in Tribune Co.’s Chapter 11 bankruptcy case determined that the company’s 2007 leveraged buyout was “marred” by the “dishonesty and lack of candor” of its then-senior management, and that the deal rendered the media conglomerate insolvent from the moment the two-step transaction closed.
Filed under: Media
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Tribune Co. warns of more bankruptcy delays
Tribune Co. warned Monday that its nearly 20-month-old bankruptcy proceeding could be delayed again over a brewing dispute involving the release of a court-appointed examiner’s report in the case.
The report, which is being prepared by Los Angeles lawyer Kenneth Klee, is due before midnight Monday. But in a filing Friday, Klee said wrangling with various parties over the confidentiality of documents attached to his report would force him to submit a heavily redacted version, pending a judge’s ruling on the issue. Get the full story »
Under pressure, Tribune cuts back on bonuses
Under pressure from its creditors and unions, bankrupt Tribune Co. agreed to cut back on the bonuses it would pay under its proposed 2010 management incentive plan.
The move comes as Chicago-based Tribune Co. seeks to win approval from creditors for a reorganization plan that would allow it to exit a bankruptcy case that has dragged on for almost 20 months. Get the full story »
WFLD-Ch. 32 teams Davlantes, McPherrin
Anna Davlantes, whose ambition led her to WFLD-Ch. 32’s marquee 9 p.m. newscast as a reporter and contributing anchor last fall after bolting WMAQ-Ch. 5, is moving off that program to become co-host of of Channel 32’s three-hour morning news with newly converted sportscaster Corey McPherrin, effective Aug. 2.
July 21, 2010 at 2:30 p.m.
Filed under: Chicago executives, Crime, Criminal charges, Litigation, Media Conrad Black posts bond, leaves prison
Conrad Black left a Florida prison Wednesday, after a Chicago federal judge ordered his release on a $2 million bond pending a review of his 2007 fraud conviction.
U.S. District Judge Amy St. Eve ordered Black, who once controlled a media company that owned the Chicago Sun-Times, to appear in her courtroom at 12:30 p.m. Friday, to go over the conditions of his release. Get the full story »
Playboy launches ’safe-for-work’ site
Looking to expand viewership among those who might court a lawsuit if they fired up the regular Playboy.com site at work, Playboy Enterprises Inc. today announced something called TheSmokingJacket.com, which the company bills as a “new safe-for-work men’s entertainment destination that provides guys with smart and sexy distractions throughout the day.”
Safe for work means no nudity, but plenty of Playboy-style hormonal prurience. One of the lead stories on the site: “How to Get Laid at Work.” Another: “7 Signs That You’ve given Up on Getting Laid.” Playboy founder Hugh Hefner greets viewers to the site in a weird little 21-second video of him sitting on a couch in, yes, his trademark smoking jacket.
“Next to the mansion it’s the best hang out on the planet,” Hefner says of the new site. Get the full story »
Groupon founder: Company not considering IPO
From Bloomberg | In an interview with Bloomberg TV, Andrew Mason, chief executive officer of Groupon Inc., discussed his company’s business strategy and the prospects for an initial public offering, as well as possible partnerships with media companies — “something where they can maybe replace one of their traditional boring display ads [on the web] with a Groupon that’s relevant to their users.”
WLS plans live, local show to replace Oprah in ‘11
Oprah Winfrey joins Roger King, left, chairman of King World, and Joseph Ahern, right, former general manager of WLS-TV, in 1985 to announce her talk show would be syndicated nationally. WLS is going to go for local talent again. (File/AP)
Other television stations that carry “The Oprah Winfrey Show” have a syndicated afternoon hit to replace when the Chicago-based daytime juggernaut leaves the air after 25 seasons in September 2011. But WLS-Ch. 7 has no intention of ponying up for syndicated fare in the 9 a.m. time slot.
“Morning Rush” is the working title of Channel 7’s planned 9 a.m. show, according to Chicago Public Media blogger Robert Feder, who reported the station has posted a job opening for an executive producer who will be responsible for developing the show, hiring on-air and behind-the-scenes staff and overseeing production.
Conrad Black to be freed on bond
Conrad Black leaves the Dirksen Federal Courthouse after his sentencing hearing in Chicago in this December 10, 2007 file photo. (Reuters/John Gress/Files)
Conrad Black won his request for bail Monday while a federal appeals court reviews whether to overturn his 2007 fraud conviction related to his one-time control of Hollinger International Inc., the former parent of the Chicago Sun-Times.
It is not clear when Black will be released from prison. He has been in federal custody in Florida for more than two years, serving a 78-month sentence for three counts of fraud and one count of obstruction of justice. Get the full story »
Redbox pondering online rentals
Mitch Lowe, president of Red Box, in Oakbrook Terrace. (Chuck Berman/Chicago Tribune)
From Bloomberg News | Oak Brook-based Redbox Redbox, known for $1-a-day DVD rental vending machines, may launch a Web based service to offer more movies beyond the 200 stored in its dispensers, President Mitch Lowe said. Get the full story >>
‘WGN Morning News’ to start a half hour earlier
Ratcheting up the trend across the country and in Chicago of expanded morning news shows, “WGN Morning News” said it will start at 4:30 a.m., a half hour earlier, beginning Aug. 16. It’s the first time in six years WGN Morning News has been expanded. Locally, WMAQ, also known as NBC 5, has already had a morning news program at 4:30 a.m. Get the full story »
Penthouse parent outbids Hefner for Playboy
Hugh Hefner at his home in California in May. (L.A. Times)
FriendFinder Networks Inc., the owner of the Penthouse adult entertainment franchise, announced today it has made a proposal to acquire rival Playboy Enterprises Inc. that the Florida company valued at $210 million.
The move counters a bid made earlier this week by Hugh Hefner to take the company he founded in 1953 private in a deal that would value Playboy at $185 million, or $5.50 a share. Get the full story »
Friend Finder hires adviser for Playboy bid
Friend Finder Networks Inc., the owner of Penthouse magazine, said this morning it has hired Imperial Capital LLC as financial advisor in its effort to buy Playboy Enterprises, Inc.
FriendFinder is a rival suitor in the effort to take over Playboy. Playboy founder Hugh Hefner earlier this week offered Playboy’s board $5.50 a share to buy the remaining stake of Playboy he does not own in a private takeover of the iconic company. Get the full story »
‘Oprah’ hits ratings low, trails ‘Judge Judy’
Oprah Winfrey announces during a live broadcast that television show will end its run in 2011 after 25 seasons on the air. (AP/Harpo)
From the New York Post | “The Oprah Winfrey Show,” had it lowest ratings in it 24 years on the air during the week of June 28, falling to a 2.9 rating. It has never fallen below 3.0 in its entire run.
“Oprah” averaged 3.8 million viewers, almost 2 million viewers less than “Judge Judy,” which has now beaten “Oprah” 14 out of the past 16 weeks. Get the full story >>
