Tribune Co. emerged from bankruptcy Monday after spending four years under Chapter 11 protection. Following the reorganization, the company is expected to sell off its newspaper assets and focus on its 23 television stations, Reuters reports:
Tribune is expected to focus on building its TV operations. In its portfolio, it owns WGN America, a national feed of Tribune’s Chicago TV stations that it distributes through cable and satellite to more than 76 million U.S. homes.
Tribune’s TV operations are estimated to account for $2.85 billion of the company’s $7 billion valuation, while its publishing assets are estimated to represent $623 million, according to report by its financial advisor, Lazard. The rest of its value resides in other assets including its 30 percent stake in the Food Network and its cash balance.
In November, Tribune received regulatory approval from the Federal Communications Commission to transfer its broadcast licenses to the owners who would take it over after emerging from bankruptcy.