Tribune close to exiting bankruptcy : what happens to WPIX

[essentials 0]

Chicago Tribune is once again offering buyouts at the paper.

KTLA , WGN , and WPIX will most likely be sold separate and fast.

Stations most likely will also see management changes. KTLA and WPIX continue to struggle in the ratings.

[24994J 5287]

Is there an article or source that suggests these moves? I only ask because, under NO circumstances could I imagine Trib selling WGN (money troubles or otherwise).

[Weeters 1829]

Watch, they'll be "sold" to Local TV, LLC.

[IndyNewsGuy 13]

Yea, I'd like to see an article or source on this because with out the media outlets, the Tribune Company wouldn't exist.

[nynewslover 269]

A management change at PIX would be the BEST thing that ever happened to them cause it can't get any worse over there.

[fan of la tv 47]

Stations most likely will also see management changes. KTLA and WPIX continue to struggle in the ratings.

 

KTLA changed management in 2009 and have made great strides in ratings gains and are now number 1 again in the mornings and has increased its ratings at 10. Still not on top but vast improvement.

[lugnuts6 89]

Nah, i dont think Tribune would sell its big three stations (KTLA,WPIX,and flagship WGN) , they COULD give its middle kiddies (WXIN, WTTV,WXMI, KPLR) to Local TV LLC , but not its three jewels in the crown

[24994J 5287]

Nah, i dont think Tribune would sell its big three stations (KTLA,WPIX,and flagship WGN) , they COULD give its middle kiddies (WXIN, WTTV,WXMI, KPLR) to Local TV LLC , but not its three jewels in the crown

That's along the lines of what I'd expect...

[Jess 1110]

Guys, the soonest Tribune could get out of bankruptcy is October. Maybe. So there's some time.

 

And I don't think Tribune's top 4 stations are going anywhere unless they spin off the TV group. There's nobody they can really sell those stations to. None of the smaller groups would be able to afford them, and the ones who do have the cash - the networks - have duops already. (CBS, the one company I could see buying the CW stations, is full in NYC and LA, and I think WGN is too high to buy - don't they outrate Fox?)

[24994J 5287]

...I think WGN is too high to buy - don't they outrate Fox?)

Yeah, 'GN's usually a #2 or 3.

[IndyNewsGuy 13]

Now, I know its the common thing to say "Oh the network will buy them." WXIN is one of FOX's and Tribunes Strongest Stations. Not Sure what the status of Tribune's other stations is, but WXIN/WTTV actually brings in money. More Newscasts, which are all Highly rated, #1 or #2 Behind or in front of WTHR-TV, and less Syndicated programs. If Tribune would sell WXIN/WTTV, which I question, I could see WXIN being bought by FOX. They newscasts are cash cows and I'm sure there is more money is WXIN's bank accounts than WFLD's. Like I said, I know its the generic thing to wish for a station to become an O&O, but this one actually makes since; But that's of course if Tribune would sell WXIN or any of the others.

 

Not sure on WTTV though since FOX wouldn't carry a CW Station, BUT Then again, they could make it a MyNetwork Station, stripping the affiliation from WNDY-TV.

[Jess 1110]

I don't think having news is necessarily a bad thing, ratings wise or revenue wise. WPHL's only news product is the low-budget Tribune eyeopener thing and the WCAU 10pm news they never promote - their promotional focus goes to their syndicated stuff, Phillies games, and their sometimes creative special events like the "Dancin' On Air" marathon. MyNetworkTV is barely promoted and when it is, it's simply as "PHL 17's Prime Time Block". I'm pretty sure that, when all is said and done, WPHL makes money.

[PelicanGuy 117]

I can see Tribune dumping some of their low-rated stations (see WGNO/WNOL).

[eyewitness_news 5]

Here in Connecticut, Tribune owns WTIC, WCCT, The Hartford Courant, The Hartford Advocate, and ValuMail Connecticut. If Tribune sells them, it could spell disaster. WTIC and WCCT (then WTXX) moved in to the Hartford Courant building in late 2009 to create Connecticut's News Room.

[bhratbrat 423]

I could expect seeing Tribune selling off stations that they have no newspaper property in. This would exclude Chicago, Hartford, South Florida,

 

I also dont see them selling off KTLA, WPIX,

[stevieboy247 42]

I don't think Tribune would ever sell their "Big Three" stations. To me, it would be a blow to the company if that ever occurred.

 

But what would happen with WPHL and WPMT? I could probably see them being sold or placed into a trust, that or the company could probably focus solely on it's big market stations and sell off all their smaller market stations.

[PIXfan 34]

The Trib will NOT, under ANY circumstances, sell WPIX, WGN or KTLA. If anything, the company ITSELF needs new management, as Sam Zell and Co. are not doing the job.

 

Also, I agree that 'PIX needs new management. Eric Meyrowitz (general manager) and Bill Carey (news director) have destroyed a once venerable institution.

 

Carey definitely has to go...Look at how he ran the WCBS news opeartion into the ground in the '90s...It took YEARS to clean up his mess. And now, he has critically damaged the reputation (and ratings) of Channel 11's news. While Meyrowitz has stood by and done nothing.

 

The sooner Zell, Meyrowitz, and Carey are gone, the better.

[PIXfan 34]

I am personally surprised that no one has posted this article, but last month, Tribune's plan to exit its bankruptcy hell was FINALLY approved. http://www.tvnewscheck.com/article/60776/tribune-bankruptcyexit-plan-gets-ok

 

Now, do us all a favor and send that incompetent Sam Zell packing!

[PIXfan 34]

More information from a more recent article regarding Tribune's approved exit plan from bankruptcy... http://www.financierworldwide.com/article.php?id=9718

[T.L. Hughes 763]

It should be noted that Aurelius Capital Management and the other junior creditors who appealed the reorganization plan had until Wednesday (August 29) to pay a $1.5 billion bond in order to stay the plan. Apparently, those creditors didn't want to pay the bond, so Aurelius decided to file an emergency motion to stay Tribune's bankruptcy exit for six months without putting up the bond. A U.S. District Court in Delaware denied that motion on Monday, so the stay appears to have been lifted. All Tribune has to do now is get FCC approval to transfer its 23 television station licenses and one radio station license to the control of the company's new owners Oaktree Capital Management; Angelo, Gordon & Co. and JP Morgan Chase (though I assume that Tribune will still own them nominally since the senior creditors own the entire company now), before it can emerge from bankruptcy.

[PIXfan 34]

It should be noted that Aurelius Capital Management and the other junior creditors who appealed the reorganization plan had until Wednesday (August 29) to pay a $1.5 billion bond in order to stay the plan. Apparently, those creditors didn't want to pay the bond, so Aurelius decided to file an emergency motion to stay Tribune's bankruptcy exit for six months without putting up the bond. A U.S. District Court in Delaware denied that motion on Monday, so the stay appears to have been lifted. All Tribune has to do now is get FCC approval to transfer its 23 television station licenses and one radio station license to the control of the company's new owners Oaktree Capital Management; Angelo, Gordon & Co. and JP Morgan Chase (though I assume that Tribune will still own them nominally since the senior creditors own the entire company now), before it can emerge from bankruptcy.

 

I actually read those articles, but didn't bother to post them. It doesn't matter, because Aurelius' appeal went down in flames anyway.

 

Aurelius, if you're reading this... It's over. You lost. Give up. Surrender. Tribune needs to move forward, and you are only hurting the company further with your outrageous actions.

 

Things can only get better for Tribune under the new ownership group. Hopefully, the group will appoint people that can actually run a media company. And hopefully, those people, in turn, will be able to reverse some of the boneheaded moves made by Tribune on Sam Zell's watch, namely the foolish pact it made in Denver and St. Louis with Local TV LLC, which practically ruined KWGN and KPLR (Denver (Market #18) and St. Louis (Market #21) are too big for "joint sales" agreements, "shared services" agreements, "local marketing" agreements, or whatever the politically correct term is for Tribune having been too lazy to run what were once well-respected stations, instead defering to the competition).

[A3N 996]

I actually read those articles, but didn't bother to post them. It doesn't matter, because Aurelius' appeal went down in flames anyway.

 

Aurelius, if you're reading this... It's over. You lost. Give up. Surrender. Tribune needs to move forward, and you are only hurting the company further with your outrageous actions.

 

Things can only get better for Tribune under the new ownership group. Hopefully, the group will appoint people that can actually run a media company. And hopefully, those people, in turn, will be able to reverse some of the boneheaded moves made by Tribune on Sam Zell's watch, namely the foolish pact it made in Denver and St. Louis with Local TV LLC, which practically ruined KWGN and KPLR (Denver (Market #18) and St. Louis (Market #21) are too big for "joint sales" agreements, "shared services" agreements, "local marketing" agreements, or whatever the politically correct term is for Tribune having been too lazy to run what were once well-respected stations, instead defering to the competition).

As long as those LMA's bring more money in for Tribune than they have to shell out, then don't expect any changes. What is most likely going to happen is that we will see the new owners trim expenses and make the company even more leaner and more attractive for a potential buyer(s). Keep in mind, these banks want to make back the most money possible, and the leaner the operation, the more enticing it looks for prospective buyers. I can't remember exactly where I saw it, but there was an article that mentioned that once Tribune is out of bankruptcy there was a possibility that the company would sell their smaller or non-essential tv stations including selling off the newspaper side of it.

[PIXfan 34]

As long as those LMA's bring more money in for Tribune than they have to shell out, then don't expect any changes. What is most likely going to happen is that we will see the new owners trim expenses and make the company even more leaner and more attractive for a potential buyer(s). Keep in mind, these banks want to make back the most money possible, and the leaner the operation, the more enticing it looks for prospective buyers. I can't remember exactly where I saw it, but there was an article that mentioned that once Tribune is out of bankruptcy there was a possibility that the company would sell their smaller or non-essential tv stations including selling off the newspaper side of it.

 

I agree with you, A3N, that many of the Trib's properties will be sold off by the new ownership group. In fact, that is what SHOULD happen. As far as the newspaper side of the business, the only print properties that will really sell right away (unfortunately) would be the Los Angeles Times and the flagship and namesake Chicago Tribune, if it goes that far for the latter, given Chicago is obviously still the flagship market (Tribune, WGN-TV, WGN-AM, CLTV, Chicago Magazine, to name a few). Then again, Sam Zell wasted no time unloading the Cubs baseball franchise and Wrigley Field, so anything can happen.

 

Going back to the newspapers for a second, possibly the only way Tribune can sell its other print media outlets is possibly to local interests (i.e., Orlando Sentinel, Allentown Morning Call), or to other media companies willing to acquire the remaining outlets.

 

I cannot speculate too much on the television side of Tribune, which has five times the value of the newspaper side (Source: http://www.financierworldwide.com/article.php?id=9718), but I can EASILY tell you that selling WPIX, WGN and KTLA is not an option. Smaller market stations, like Tribune's New Orleans duopoly WGNO (ABC) and WNOL (CW) will likely go ("NOLA" is Tribune's smallest TV market).

[nynewsguru 1]

I hope that WPIX is taken over by new management. Bill Carey has singlehandley destroyed the station and the news department is not only untrustworthy but also very unprofessional. The morning news is more of a women's lifestyle program than an actual news program and Jodi Applegate anchoring solo at 10pm (YIKES!).

Kaity Tong should have never been pushed to weekends and they shouldn't have got rid of Jim Watkins who was better than any other male anchor at the station.

I hope PIX11 picks up it's act like KTLA in LA did.

[24994J 5287]

That's what I don't get...KTLA has made great strides in the last few years to better their product, and WGN has (arguably) been the gold standard for local news forever, so it's amazing that Tribune can't take a hint and create a reputable news organization. PIX has done it before, there's no reason why they can't do it again. WNYW is vulnerable right now at 10, and by taking some inspiration from their Chicago and LA siblings, these three stations should be striving to be the anti-Fox of their markets.