Tuesday, March 01, 2016

Everything Must Go!

Tough times at Tribune Media these days. Check out this headline in Variety this morning: Tribune Media to Explore Sale of Company or Assets, Takes $385 Million Write Down

Now mind you, this is the part of the Tribune company that was supposed to be healthy--the part that was split off from the "dying" Tribune publishing. From the Variety article...

Tribune Media said it had no definitive timetable to complete its strategic review, and would not comment on the process “until such time as any definitive agreements may be entered into in the process or as otherwise appropriate or required.”

The company will continue its efforts to gain financial reward from its real-estate holdings, which include the Tribune Tower located in Chicago and the north block of the Los Angeles Times Square property located in Los Angeles.

Tribune also said it had secured agreements with top executives that will have them continue their employment. Liguori signed entered into a new two-year employment agreement, while Chandler Bigelow was named executive vice president and chief financial officer. Tribune Media’s general counsel, Eddie Lazarus, was named chief strategy officer.

Pfew. The executives are still being paid millions. Thankfully their payday will be unaffected as they hack and cut their way to solvency. Everyone else? Watch your back.