Tribune to emerge from bankruptcy

After nearly four years of Chapter 11 protection, Chicago-based Tribune Company will be exiting bankruptcy on New Year’s Eve, according to published reports.

The move sets the stage for the new owners to potentially sell its newspapers and focus on its television assets. The Tribune controls eight major daily newspapers, including the Chicago Tribune and L.A. Times.

Tribune also controls nearly two dozen televsion stations, including WGN, CLTV AND WGN America.

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