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Tribune Media Company (Chicago Tribune): Tribune Media Company (TRCO) (1847)

Tribune Media Company (Tribune News Group/Chicago Tribune) Tribune Media Company (NYSE:TRCO) was founded on June 10, 1847, formerly known as Tribune Company, and changed to its current name in July 2014, headquartered in Illinois, USA Chicago, State, with 5,800 full-time employees, is a multimedia company that, through its subsidiaries, operates media and entertainment businesses in the United States, with 42 television stations.

Tribune Media Company Logo

Tribune Media Company (TRCO):

Tribune Media Company mainly operates media and entertainment businesses in the United States through its subsidiaries. The company is divided into two divisions to operate: Television and Entertainment (Television and Entertainment), and Digital and Data.

  1. TV entertainment department: Provide news, entertainment, and sports programs, mainly broadcasted by local TV stations on Tribune Broadcasting, including FOX TV, CW TV, CBS TV, ABC TV, NBC TV, and other independent TV stations; and TV series and movies are WGN Broadcast on America TV. In addition, this department also operates Antenna TV, THIS TV, digital multi-broadcast networks, Tribune Studios, a development and production studio, Chicago radio, and 42 TV stations.
  2. Digital data department: Provides digital content such as movies and music, mainly through zap2it.com to provide entertainment content.
  3. In addition, the Forum Media Company also owns and manages real estate.

Tribune Media Company (TRCO) History:

  • On June 10, 1847, Chicago Tribune was founded as the predecessor of Tribune Media Company;
  • In 1855, Ohio native Joseph Medill acquired a controlling stake in Chicago Tribune and wholly owned it in 1874 until his death in 1899;
  • In 1911, Medill’s two grandsons (grandchildren)-Robert R. McCormick and Joseph Medill Patterson began to lead the company;
  • In 1924, the company entered the broadcasting field by renting WDAP, and later changed it to WGN;
  • In 1926, Tribune purchased WGN;
  • In 1973, Los Angeles shopper was acquired and reorganized into Los Angeles Daily News;
  • In 1973, the company began to broadcast news by Knight News Wire, to the 1990s, this business is named KRT (Knight-Ridder / Tribune) , 2006 McClatchy newspaper company after (The McClatchy Company) acquisition of Knight-Ridder Inc. , KRT became MCT (McClatchy-Tribune Information Services)-a joint venture between Tribune Company and McClatchy;
  • In 1974, Chicago Today ceased publication;
  • In 1975, The Tribune Company entered the television field;
  • In 1977, the Times-Advocate was acquired;
  • In 1982, the subsidiary Tribune Entertainment Company was established;
  • In October 1983, Tribune Company IPO, landed on the New York Stock Exchange and issued 7.7 million shares at an issue price of US$26.75;
  • In 1985, Tribune Broadcasting acquired the Los Angeles independent television station KTLA from Kohlberg Kravis Roberts for US$510 million . At the same time, due to regulatory issues, Tribune was forced to sell Los Angeles Daily News. Through this acquisition, Tribune became the fourth largest television station in the United States and the No. Three major broadcasting companies;
  • In 1986, Tribune Company acquired Daily Press, Virginia ;
  • In 1988, Tribune Company acquired 5 weekly newspapers in Santa Clara County, California;
  • In the 1990s, Tribune Company established Tribune Ventures and Tribune Education (1993), and its Tribune Broadcasting continued to expand through acquisitions. At the same time, due to the rise of the Internet, its Tribune Publishing began to sell some publishing business assets;
  • In 1993, Tribune Broadcasting established Chicagoland Television (CLTV)-a 24-hour news station in the Chicago area;
  • From 1993 to 1996, Tribune Education spent a total of US$400 million to acquire: Contemporary Books, Inc. (renamed S&P Global Inc. (NYSE:SPGI) in April 2016 , formerly McGraw Hill Financial, Inc. (formerly NYSE:MHFI) ), The Wright Group, Everyday Learning Corporation, Jamestown Publishers, Inc., Educational Publishing Corporation, NTC Publishing Group and Janson Publications;
  • In November 1994, Tribune Broadcasting and Quincy Jones established a joint venture company Qwest Broadcasting;
  • In August 1995, Tribune acquired 12.5% ​​of The WB Television Network;
  • In 1996, Tribune and American Online established a joint venture, Digital City, Inc., with the former holding 20% ​​and the latter 80%, thus establishing a series of online city websites to provide interactive local news and information services;
  • By 1997, Tribune Publishing had only 4 newspapers: Chicago Tribune, Fort Lauderdale Sun-Sentinel, Orlando Sentinel, Daily Press; at the same time, Tribune Ventures began to acquire new media businesses, including: AOL (4%), electronic payment expert CheckFree Corporation (5%), search engine companies (7%), Mercury Mail, Inc. (13%), Open Market, Inc. (6%), Peapod LP (13%), Food Network (31%); in the same year, Tribune Broadcasting purchased 10 radio stations (3 of which came from the $1.1 billion acquisition of Renaissance Broadcasting);
  • In 1997, Tribune Education acquired an 80.5% stake in Landoll, a London children’s book printing company;
  • In June 1998, Tribune and Emmis Communications Corporation swapped their assets. The former exchanged its WQCD-FM for the latter’s two television stations (WXMI in Michigan and KTZZ in Seattle, Washington);
  • In March 1999, Tribune replaced the Seattle KCPQ-TV of Meredith Corporation with its Atlanta WGNX ;
  • In 1999, Tribune Interactive, Inc. was established by acquiring WEWB in New York State and WBDC in Washington DC to manage all websites, TV stations and radio stations;
  • In February 2000, Tribune acquired the remaining 67% of Qwest Broadcasting shares for US$107 million;
  • In June 2000, Tribune acquired the Times Mirror Company in Los Angeles for $8.3 billion, the largest acquisition in the history of the newspaper industry;
  • Tribune had to sell assets due to the acquisition, which brought huge debts, including: In September 2000, Tribune Education was sold to The McGraw-Hill Companies for $686 million ; in October of the same year, it sold flight information provider Jeppesen for $1.5 billion. Sanderson to Boeing ; In October, AchieveGlobal was sold to Institute for International Research for US$100 million; in November, Times Mirror Magazines was sold to Time, Inc. for US$475 million ;
  • From 2002 to 2003, Tribune Broadcasting purchased 4 TV stations;
  • In August 2002, Tribune Broadcasting acquired Chicago Lifestyle Monthly from Primmedia, Inc.;
  • In 2006, Tribune acquired a major stake in AM New York;
  • On April 2, 2007, Sam Zell announced plans to acquire Tribune Company for US$8.2 billion; on August 21, 97% of shareholders agreed to the transaction, and on December 20 of the same year, Tribune Company was privatized;
  • On December 21, 2007, Tribune and Local TV, LLC, which is controlled by Oak Hill Capital Partners, announced their cooperation to establish The Other Company;
  • In 2008, Tribune sold Newsday and AM New York to Cablevision Systems Corporation ;
  • On December 8, 2008, due to high debt, Forum Media filed Chapter 11 bankruptcy protection. On July 13, 2012, the Delaware Bankruptcy Court allowed the company to reorganize and escape bankruptcy protection. The main creditors include: Oak Tree Capital (Oaktree Capital Management) (NYSE: OAK), JPMorgan Chase (JPMorgan Chase) and Anzu Gordon (Angelo, Gordon & Co., Anzu Gordon & Co. is an American alternative investment management company, founded in November 1988 by John Established by Anjo and Michael Gordon, they had jointly managed Rothschild’s arbitrage department in the 1980s. The company is 100% employee-owned, registered with the US Securities and Exchange Commission, and employs approximately 350 employees Name. Anzu Gordon focuses on four major investment areas: credit, real estate, private equity and multi-strategy.);
  • On February 26, 2013, Tribune Company hired investment banks Evercore Partners and JP Morgan to sell its newspapers;
  • On July 1, 2013, Tribune Company acquired 19 TV stations under Local TV, LLC for US$2.75 billion. The transaction was completed on December 27 of the same year;
  • On July 10, 2013, Tribune Company plans to spin off its publishing business to establish Tribune Publishing Company , and the remaining media business will maintain the name of Tribune Company;
  • On August 4, 2014, Tribune Media Company divested the publishing business Tribune Publishing Company and became an independent listed company, stock code: TPUB;
  • In December 2014, Tribune Company landed on the New York Stock Exchange, stock code: TRCO;
  • On December 3, 2018, Nexstar confirmed that it would acquire Tribune Media for $4.1 billion.
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