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Tribune Company emerges from bankruptcy

Tribune Co., the parent company of the Daily Press Media Group, which includes the Daily Press, the Virginia Gazette, the Tidewater Review, and various related print and digital products emerged Monday from bankruptcy four years after filing for court-issued protection from creditors.

Chicago-based Tribune Co. filed for Chapter 11 bankruptcy in December 2008, less than a year after billionaire developer Sam Zell led a buyout that left the company with $12.8 billion in debt. Emerging from bankruptcy means Tribune will operate under new owners, a newly appointed board and it is freed from having to pay back creditors.

Tribune owns 23 television stations, eight daily newspapers and other media assets. In addition to the Daily Press, Tribune owns the Los Angeles Times, Chicago Tribune, Baltimore Sun, Orlando Sentinel, South Florida Sun-Sentinel, Hartford Courant and The Morning Call.

It is expected that all of the company’s assets are to be sold.

Last week, a consolidation was announced in senior management among publications owned by the Daily Press Media Group. Bill O’Donovan stepped down as publisher/vice president of the Virginia Gazette, Tidewater Review and Williamsburg Magazine. Those duties will be assumed by Digby Solomon editor of the Daily Press.

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