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Tribune Publishing

Tribune Publishing Company
Type Public
Traded as NYSE: TPUB
Industry Newspapers and commuter tabloids
Genre Publishing
Founded June 10, 1847 (1847-06-10)
(original foundation, as the Chicago Daily Tribune)
August 4, 2014 (2014-08-04)
(as Tribune Publishing Company)
Headquarters Chicago, Illinois, United States
Key people Jack Griffin
(president/CEO of Tribune Publishing)
Eddy Hartenstein
(chairman of Tribune Publishing)
Tony Hunter (publisher and CEO of the Chicago Tribune Company)
Austin Beutner (publisher of the Los Angeles Times and CEO of the Times Media Group)
Parent Tribune Company (1861–2014)[1]
Independent (2014–present)
Website .com.tribpubwww

Tribune Publishing Company is an American newspaper and print media publishing company based in Chicago, Illinois. Among other publications, the company's portfolio includes the Chicago Tribune, Los Angeles Times, Orlando Sentinel, Sun-Sentinel and The Baltimore Sun. It also operates a subsidiary of the Los Angeles Times called Times Community News, which owns four community newspapers in the Los Angeles metropolitan area. It is the nation's second-largest newspaper publisher (behind the Gannett Company), with ten daily newspapers and commuter tabloids located throughout the United States.

Originally incorporated in 1847 with the founding of the Chicago Tribune, Tribune Publishing formerly operated as a division of the Tribune Company, a Chicago-based multimedia conglomerate, until it was spun off into a separate public company in August 2014.

Contents

  • History 1
    • Early history 1.1
    • Growth and acquisitions 1.2
    • Takeover by Sam Zell and bankruptcy 1.3
    • Spin-off of publishing unit 1.4
  • Tribune Publishing properties 2
    • Current properties 2.1
      • Newspapers 2.1.1
      • Commuter tabloids 2.1.2
      • Magazines 2.1.3
    • Former newspapers 2.2
      • Agency 2.2.1
  • References 3

History

Early history

The Tribune Tower on Michigan Avenue in downtown Chicago is the headquarters of the Tribune Publishing Company.

Tribune Publishing's history traces back to 1847; when the Chicago Tribune (for which the company and its former parent, Tribune Media, are named) published its first edition on June 10 of that year, in a one-room plant located at LaSalle and Lake Streets in Chicago.[2] The Tribune constructed its first building, a four-story structure at Dearborn and Madison Streets, in 1869; however the building was destroyed, along with most of the city, by the Great Chicago Fire in October 1871. The Tribune resumed printing two days later with an editorial declaring "Chicago Shall Rise Again". The newspaper's editor and part-owner, Joseph Medill, was elected mayor and led the city's reconstruction. A native Ohioan who first acquired an interest in the Tribune in 1855, Medill gained full control of the newspaper in 1874 and ran it until his death in 1899.

Medill's two grandsons, cousins Robert R. McCormick and Joseph Medill Patterson, assumed leadership of the company in 1911. That same year, the Chicago Tribune '​s first newsprint mill opened in Thorold, Ontario, Canada. The mill marked the beginnings of the Canadian newsprint producer later known as QUNO, in which Tribune held an investment interest until 1995. The Chicago Tribune-New York News Syndicate was formed in 1918, leading to Joseph Patterson's establishment of the company's second newspaper, the New York Daily News on June 26, 1919. Tribune's ownership of the New York City tabloid was considered "interlocking" due to an agreement between McCormick and Patterson.

Growth and acquisitions

The company acquired the Fort Lauderdale-based Sun-Sentinel newspaper in 1963; this was later followed by its purchase of the Orlando Sentinel in 1965. In 1973, the company began sharing stories among 25 subscriber newspapers via the newly formed news service, the Knight News Wire. By 1990, this service was known as Knight-Ridder/Tribune and provided graphics, photo and news content to its member newspapers. KRT became McClatchy-Tribune Information Services, which is jointly owned by the Tribune Company and McClatchy, when The McClatchy Company purchased Knight-Ridder Inc. in 2006.[3] Tribune later acquired the Newport News, Virginia-based Daily Press in 1986. In the wake of a dispute with some of its labor unions, the New York Daily News was sold to British businessman Robert Maxwell in 1991.[2]

In June 2000, Tribune acquired the RedEye edition in 2002, followed by an investment in AM New York one year later. In 2006, Tribune acquired the minority equity interest in AM New York, giving it full ownership of the newspaper. The company sold both Newsday and AM New York to Cablevision Systems Corporation in 2008, with the sale of the latter paper closing on July 29 of that year.[5]

Takeover by Sam Zell and bankruptcy

On April 2, 2007, Chicago-based investor Sam Zell announced plans to buy out the Tribune Company for $34.00 a share, totaling $8.2 billion,[6] with intentions to take the company private. The deal was approved by 97% of the company's shareholders on August 21, 2007.[7] Privatization of the Tribune Company occurred on December 20, 2007 with Tribune's stock listing being terminated at the close of the trading day.[8]

On December 8, 2008, faced with a high debt load totaling $13 billion, related to the company's leveraged buyout and subsequent privatization, and a sharp downturn in newspaper advertising revenue, Tribune filed for Chapter 11 bankruptcy protection in what was the largest bankruptcy in the history of the American media industry.[6][9] Company plans originally called for it to emerge from bankruptcy by May 31, 2010,[10] but the company would end up in protracted bankruptcy proceedings for four years.

On July 13, 2012, the Tribune Company received approval of a reorganization plan to allow the company to emerge from Chapter 11 bankruptcy protection in a Angelo, Gordon & Co., which were the company's senior debt holders, assumed control of Tribune's properties upon the company's exit from bankruptcy on December 31, 2012.[11][12]

Spin-off of publishing unit

On February 26, 2013, Tribune reportedly hired investment firms

  1. ^ http://www.tribpub.com/about/tribune-history/
  2. ^ a b "Tribune Company". Answers.com (International Directory of Company Histories). The Gale Group, Inc. 2006. Retrieved August 22, 2013. 
  3. ^ Seelye, Katharine Q.; Sorkin, Andrew Ross (2006-03-13). "Newspaper Chain Agrees to a Sale for $4.5 Billion".  
  4. ^ "Tribune called on to sell L.A. Times".  
  5. ^ "Cablevision Completes Newsday Buy from Tribune.". Broadcasting and Cable (Press release). 2008-04-28. Archived from the original on 2011-05-20. Retrieved 2007-12-21. Tribune Completes Acquisition of Real Estate from TMCT Partnership. 
  6. ^ a b  
  7. ^ Desiree J. Hanford (2007-08-21). "Tribune Shareholders Back Zell's Takeover".  
  8. ^ Dave Carpenter (2007-12-21). "Tribune buyout, at $8.2 billion, closes in Chicago". The News Journal (Wilmington, DE). Associated Press. Archived from the original on 2007-12-23. Retrieved 2007-12-21. Tribune Co.'s $8.2 billion buyout closed Thursday [December 20, 2007] after an 8½-month wait to secure final approval and financing, taking the ailing newspaper and TV company private under the control of real estate billionaire Sam Zell. At closing, former Clear Channel CEO  
  9. ^ Tribune files for bankruptcy Chicago Breaking News. Retrieved December 8, 2008.
  10. ^ Julie Johnsson, Michael Oneal (2009-11-14). "Tribune asks court for extension : The Times' owner wants four additional months to plan its exit from bankruptcy without interference".  
  11. ^ "Bankruptcy-Exit Plan Gets OK". TVNewsCheck (via the  
  12. ^ Channick, Robert (December 30, 2012). "Tribune Co. to emerge from bankruptcy Monday".  
  13. ^ Meehan, Sarah (February 26, 2013). "Baltimore Sun owner Tribune to begin selling newspaper assets, report says". Baltimore Business Journal. Retrieved February 26, 2013. 
  14. ^ "Tribune Co. to Split in Two". New York Times. Retrieved July 10, 2013. 
  15. ^ "Tribune Co. Cutting 700 Newspaper Jobs Amid Dropping Advertising Revenues". Forbes. Retrieved November 20, 2013. 
  16. ^ Channick, Robert. "Tribune Publishing targets Aug. 4 for spinoff". chicagotribune.com. Chicago Tribune. Retrieved 23 June 2014. 
  17. ^ Haughneyaug, Christine (2014-08-04). "A News Giant Going It Alone: Newspaper Spinoff to Create Tribune Publishing".  
  18. ^  
  19. ^ "Tribune Co. completes split of print, broadcasting businesses, following trend". Milwaukee Business Journal. Retrieved 16 August 2014. 
  20. ^ Channick, Robert. "Tribune Publishing targets Aug. 4 for spinoff". Chicago Tribune. Tribune Publishing. Retrieved 23 June 2014. 
  21. ^ Marek, Lynne. "Revealed: Tribune Co.'s new name". Crain's Chicago Business. Retrieved 9 July 2014. 

References

  • Tribune Content Agency

Agency

Former newspapers

Magazines

  • Hoy (Chicago, Illinois and Los Angeles, California)
  • El Sentinel (Miami, Florida)
  • RedEye (Chicago, Illinois)

Commuter tabloids

Newspapers

Current properties

Tribune Publishing properties

On June 17, 2014, in a presentation for lenders, Tribune revealed that it had set August 4 as the target date for its spin-off of Tribune Publishing.[16][17][18] The split was finalized on the target date, with the publishing arm being spun out as Tribune Publishing Co., and its former parent company being renamed Tribune Media.[19][20][21]

[15] On November 20, 2013, Tribune announced it would cut 700 jobs from its newspaper properties due to declining advertising revenues.[14], which among others, provides news and features content for Tribune's newspapers) would remain with the Tribune Company.Tribune Media Services the newspapers that are part of its publishing division into the Tribune Publishing Company. Its broadcasting, digital media and other assets (including spinning off On July 10, 2013, Tribune announced that it would split into two companies, [13]

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