Four years ago last month, one of the nation’s largest publishers turned to Sidley Austin as it spiraled into bankruptcy a little more than a year after being taken private by billionaire Sam Zell in a disastrous $8.2 billion leveraged buyout.
On December 31, 2012, the Tribune Company finally emerged from Chapter 11. The media giant’s new hedge fund owners plan to sell most of the company’s assets, including newspapers such as the Chicago Tribune, Los Angeles Times, and Orlando Sentinel, as well as broadcast holdings like cable networks WGN America and a stake in the Food Network.
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