Chicago Tribune
The Chicago Tribune is an American daily newspaper based in Chicago, Illinois, owned by Tribune Publishing. Founded in 1847, and formerly self-styled as the "World's Greatest Newspaper"[2][3] (the slogan from which its integrated WGN radio and television received their call letters), it remains the most-read daily newspaper in the Chicago metropolitan area and the Great Lakes region. In 2022, it had the seventh-highest circulation of any American newspaper.[1]
"The Trib" redirects here. For other newspapers with similar names, see Tribune (disambiguation).Type
- James Kelly
- John E. Wheeler
- Joseph K. C. Forrest
Mitch Pugh
Par Ridder
Chris Jones
Amanda Kaschube
Todd Panagopoulos
June 10, 1847
United States
106,156 Average print circulation[1]
In the 1850s, under Joseph Medill, the Chicago Tribune became closely associated with the Illinois politician Abraham Lincoln, and the Republican Party's progressive wing. In the 20th century, under Medill's grandson Robert R. McCormick, its reputation was that of a crusading newspaper with an outlook that promoted American conservatism and opposed the New Deal. Its reporting and commentary reached markets outside Chicago through family and corporate relationships at the New York Daily News and the Washington Times-Herald. In the 1960s, its corporate parent owner, Tribune Company, sought to expand its market. In 2008, for the first time in its over-a-century-and-a-half history, its editorial page endorsed a Democrat, Barack Obama, a U.S. Senator from Illinois, for U.S. president.[4]
Originally published solely as a broadsheet, the Tribune announced on January 13, 2009, that it would continue publishing as a broadsheet for home delivery, but would publish in tabloid format for newsstand, news box, and commuter station sales.[5] The change, however, proved unpopular with readers; in August 2011, the Tribune discontinued the tabloid edition, returning to its established broadsheet format through all distribution channels.[6]
The Tribune was owned by parent company Tribune Publishing. In May 2021, Tribune Publishing was acquired by Alden Global Capital, which operates its media properties through Digital First Media.
Zell ownership and bankruptcy[edit]
In December 2007, the Tribune Company was bought out by Chicago real estate magnate Sam Zell in an $8.2 billion deal. Zell was the company's new chairman.[132] A year after going private, following a $124 million third-quarter loss, the Tribune Company filed for Chapter 11 bankruptcy protection on December 8, 2008. The company made its filing with the U.S. Bankruptcy Court for the District of Delaware, citing a debt of $13 billion and assets of $7.6 billion.[133]
Sam Zell originally planned to turn the company into a private company through the creation of an ESOP (employee stock ownership plan) within the company, but due to poor management that existed prior to his ownership, this did not work out as well as he intended.[134]
As part of its bankruptcy plan, owner Sam Zell intended to sell the Cubs to reduce debt. This sale has become linked to the corruption charges leading to the December 9, 2008, arrest of former Illinois Governor Rod Blagojevich. Specifically, the ex-governor was accused of exploiting the paper's financial trouble in an effort to have several editors fired.[135]
In the bankruptcy, unsecured bondholders of Tribune Co. essentially claimed that ordinary Tribune shareholders participated in a "fraudulent transfer" of wealth.[136]
The law firm Brown Rudnick, representing the Aurelius group of junior creditors, filed fraudulent transfer claims and fraud claims against 33,000 to 35,000 stockholders who bought Tribune stock.[137] Prolonged due to these claims against former officers, directors, and every former stockholder of the Chicago Tribune Company,[137][138] the Tribune's bankruptcy-related legal and professional fees of $500 million were more than twice the usual amount for that size of company.[139]
The Tribune Co. emerged from bankruptcy in January 2013, partially owned by private equity firms which had speculated on its distressed debt. The reorganized company's plan included selling off many of its assets.[139]
Tribune Publishing divestment[edit]
Tribune Publishing, owning the Chicago Tribune, Los Angeles Times, and eight other newspapers, was spun off as a separate publicly traded company in August 2014. The parent Tribune Company was renamed Tribune Media.[140] Tribune Publishing started life with a $350 million loan, $275 million of which was paid as a dividend to Tribune Media. The publishing company was also due to lease its office space from Tribune Media for $30 million per year through 2017.[140][141]
Spinning off Tribune Publishing avoided the capital gains taxes that would accrue from selling those assets. The shares in Tribune Publishing were given tax-free to stakeholders in Tribune Media, the largest shareholder was Oaktree Capital Management with 18.5%.[141] Tribune Media, retaining the non-newspaper broadcasting, entertainment, real estate, and other investments, also sold off some of the non-newspaper properties.[140]
