TO: FROM: DATE: RE:

Tribune Company Executive Management Michael OHara 9/20/2012 Organizational Structure

Chicago Tribune was founded in 1847 as a newspaper company printing its first addition on June 10th of that year. In 1861, Tribune Company is established as an Illinois Corporation and Chicago Tribune becomes a subsidiary of Tribune Company. In 1925, Tribune moved its headquarters to the newly built Tribune Tower on Michigan Avenue in Chicago, Illinois. From the late 1940s to the early 2000s, Tribune acquired various television stations and newspapers across the United States including KTLA, WPIX, WGN America, The Los Angeles Times, The Hartford Courant, and the South Florida Sun-Sentinel (Tribune Company History). Today Tribune operates twenty-three television stations and ten daily newspapers nationally. All of these entities are subsidiaries with Tribune being the parent company. Tribune Company also owns 31% of the Food Network as well (Current Portfolio of Strategic Investments). Tribune Company values include: keeping your word, collaborate, no surprises, compete, play fair, take intelligent risk, reward successful performance, question authority, and serve the community (Tribune Core Values). Core businesses are broadcasting and newspapers. Tribune Company operates the superstation WGN America, WGN Radio Chicago, and the 23 television stations Tribune operates nationwide because of that groups combined effort; Tribune reaches over 80% of American television households (Docket No. 6685, pg. 13). Major customers of Tribune Company vary. Cable providers that use Tribunes television channels like Cablevision are customers for its broadcasting market. On the newspaper side, newspaper readers in the local area are important customers. For example, Los Angeles Times residents that read the Los Angeles Times are huge customers for that specific newspaper. Key competitors of Tribune Company are mainly large newspaper or multimedia corporations such as, The New York Times, CBS, ABC, etc. Main sources of revenue for Tribune come largely from the revenue that Tribunes television stations pull in annually. The hierarchy structure of Tribune Company is all of the subsidiary companies being under Tribune Company. Some of these subsidiary companies are managed in groups under one entity that is still under Tribune Company. For example, The Chicago Tribune Company publishes the Chicago Tribune newspaper as well as the Red Eye tabloid newspaper. In late 2008, Tribune Company and most of its subsidiaries filed for Chapter 11 Bankruptcy. In part of Tribunes plan to emerge from bankruptcy, the company may need to consider the selling of certain parts of the company in order to emerge as a profitable company post emergence. Newspapers do not pull in the revenue that they once did with most content being on an electronic medium.

Tribune owns newspapers across the country and may need to consider selling some of its newspapers. By doing this, not only would Tribune remove the burden of dealing with a dying industry, but would now be able to focus more on more profitable business operations such as the broadcasting side of Tribune Company. A Chapter 11 debtor may also want to formulate and seek confirmation of a plan that provides for the orderly liquidation of a company, including possibly a sale of the company or segments there of as a going concern (Big Business in the World of Insolvency, Wasserman and Ciatto, paragraph 4). If Tribune seeks to be profitable post-emergence, it must minimize its risk of not being profitable post bankruptcy. Tribune must considering the possibility of selling off assets like some of its newspapers while they are still somewhat profitable before the potential gains from selling sooner become losses overtime if Tribune waits too long.

Works Cited
"About Tribune Company." Tribune Company. N.p., n.d. Web. 16 Oct. 2012. <http://www.tribune.com/>. "Business Units and Websites." Tribune Company. N.p., n.d. Web. 16 Oct. 2012. <http://www.tribune.com/>. "Current Portfolio of Strategic Investments." Tribune Company. N.p., n.d. Web. 16 Oct. 2012. <http://www.tribune.com/>. "Financial Information." (n.d.): n. pag. Tribune Company. Tribune Company. Web. 16 Oct. 2012. <http://www.tribune.com/>. "Tribune Company History." Tribune Company. N.p., n.d. Web. 16 Oct. 2012. <http://www.tribune.com/>. "Tribune Company Values." Tribune Company. N.p., n.d. Web. 16 Oct. 2012. <http://www.tribune.com/>. United States. United States Bankruptcy Court. For The District of Delaware. Docket No.6685, Joint Disclosure Statement for The Following Plans of Reorganization. By Donald J. Liebentritt. N.p.: n.p., n.d. Epiq. Web. 16 Oct. 2012. <http://dm.epiq11.com/TRB/Docket#Debtors=3182&DocketText=first+amended&EndD ate=12/01/2010&RelatedDocketId=&StartDate=10/31/2010&ds=true&maxPerPage=25& page=1>. Wasserman, Richard L., and Frank A. Ciatto. "Big Business in the World of Insolvency: Buying and Selling Businesses and Assets in Bankruptcy." Venable, LLP. N.p., 1 Sept. 2002. Web. 16 Oct. 2012. <http://www.venable.com/big-business-in-the-world-of-insolvencybuying-and-selling-businesses-and-assets-in-bankruptcy-09-01-2002/>.