New Look at Tribune

Tribune(TRB Quote) set a big financial restructuring Tuesday.

The newspaper chain said it will buy back up to $2 billion in stock in moves including a modified Dutch auction self-tender at $28 to $32.50 a share. Tribune will also divest itself of $500 million in unspecified noncore assets and cut $200 million worth of costs.

The company also agreed to settle a Securities and Exchange Commission enforcement action on the circulation-padding scandal at its Newsday and Hoy papers. Tribune denied wrongdoing and won't have to pay a fine, but a number of former execs including onetime Hoy publisher Louis Sito pleaded guilty to mail fraud, the Justice Department said. ...