The Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, will emerge from bankruptcy on Dec. 31, sources said on Friday, ending four years of Chapter 11 protection and setting the stage for the new company to sell off its newspapers to focus on the WGN cable channel and other TV assets. The Chicago-based company expects to emerge with all of its assets, which include eight major daily newspapers and 23 TV stations, and to name former Fox TV and Discovery Communications executive Peter Liguori as chief executive, according to two people with knowledge of the company's plans but who are not authorized to speak to the press.In early December, Tribune owners began interviewing investment bankers to sell some or all of its newspapers. Among those interested are San Diego Union-Tribune owner Doug Manchester and Orange County Register owner Aaron Kushner, according to people familiar with the situation.On Dec. 14, Warren Buffett hinted he would be interested in buying at least one Tribune newspaper, the Morning Call in Allentown, Pennsylvania.Gary Weitman, a Tribune spokesman, had no comment.
Discovery Communications, Inc. (Discovery) is a global nonfiction media and entertainment company that provide programming across multiple distribution platforms worldwide. Shares of DISCA fell by 0.79% or $-0.49/share to $61.89. In the past year, the shares have traded as low as $40.24 and as high as $64.50. On average, 1384570 shares of DISCA exchange hands on a given day and today's volume is recorded at 767369.
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