The Tribune Saga: A Leveraged Buyout, an Insatiable Wall Street and a Bankruptcy Odyssey

The Tribune Saga: A Leveraged Buyout, an Insatiable Wall Street and a Bankruptcy Odyssey

by Michael Oneal, Steve Mills
     
 
Real estate tycoon Sam Zell had big ideas for Tribune Co. when he took control of the media conglomerate in late 2007 through an $8.2 billion leveraged buyout. But the iconic company, parent of the Chicago Tribune, filed for bankruptcy less than a year later. This marked the beginning of a four-year odyssey through Chapter 11 reorganization—brought on by

Overview

Real estate tycoon Sam Zell had big ideas for Tribune Co. when he took control of the media conglomerate in late 2007 through an $8.2 billion leveraged buyout. But the iconic company, parent of the Chicago Tribune, filed for bankruptcy less than a year later. This marked the beginning of a four-year odyssey through Chapter 11 reorganization—brought on by falling advertising revenue amid a $13 billion debt burden that the deal created.

The company's saga mirrored the U.S. financial crisis, in which speculative risk using exotic investment instruments helped trigger what became known as the Great Recession. When the company finally emerged from court protection at the end of 2012 under new ownership and a newly appointed board of directors, it did so with a diminished value and a tarnished reputation.

Chicago Tribune reporters Michael Oneal and Steve Mills rely on thousands of pages of court documents, dozens of interviews, and hours of observation in U.S. bankruptcy court to tell the story of Tribune Co.'s journey through bankruptcy. They place a spotlight on the key decisions and missed opportunities that marked a perilous time in the history of the company, the media industry, and the economy.

Their four-part series, repackaged into The Tribune Saga: A Leveraged Buyout, An Insatiable Wall Street and a Bankruptcy Odyssey, serves as a compelling resource for law, business, and journalism students and for anybody interested in how Zell’s buyout of Tribune Co. became “a messy product of the unchecked Wall Street deal-making and aggressive financial engineering that soon would threaten the American economy.”

Product Details

ISBN-13:
9781572844506
Publisher:
Agate Digital
Publication date:
02/19/2013
Sold by:
Barnes & Noble
Format:
NOOK Book
Pages:
60
Sales rank:
922,281
File size:
1 MB

Meet the Author

Michael Oneal: Michael Oneal is a business writer for the Chicago Tribune covering a broad array of subjects ranging from global economics to the takeover and bankruptcy of his employers, Tribune Co. He was a member of the reporting team that won the 2008 Pulitzer Prize in Investigative Journalism.

Steve Mills: Steve Mills is a Chicago Tribune reporter who covers the criminal justice system, locally and nationally, focusing on in-depth investigations revealing the system's flaws and pointing to solutions. He joined the paper in 1994.

Chicago Tribune Staff: The Chicago Tribune, founded in 1847, is the flagship newspaper of the Tribune Company. Its staff comprises dedicated, award-winning journalists who have authored many bestselling books.

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