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Tribune Newspaper to Become a TV Company
Posted By AIM Newswire On January 4, 2013 @ 8:30 am In AIM Newswire | No Comments
CHICAGO — The famous Tribune Co., which started publishing the Chicago Tribune in 1847, has now emerged from Chapter 11 bankruptcy. Now, the news is that the Tribune Co. is turning to TV to reestablish itself as a media brand, albeit no longer a print newspaper industrial giant.
The new focus is for Tribune to promote its WGN network and affiliated channels and eventually sell off its eight regional newspapers. In the past few years, advertising and circulation have precipitously plummeted. Newspaper industry’s ad revenue fell by nearly half to $24 billion, and daily circulation fell 10 percent to roughly 40 million copies, according to the Newspaper Association of America.
Major newspapers such as the New York Times and the Washington Post have taken large hits while smaller towns and cities saw their daily newspapers go the way of the dodo bird, just plain extinct.
Estimates in the industry said that newspapers have lost about two-thirds of its value the past five years. This will make the Tribune newspapers a little tougher to sell off. Initial indications show that the Los Angeles Times could fetch as high as $130 million and the Chicago Tribune around $86 million.
No chump change, mind you, but it is a steep price in a declining market. Has the newspaper industry moved ever closer to extinction?
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