Tribune Takes the Lead

Tribune's (TRB Quote) restructuring could pressure other old-media names to follow suit.

The Chicago-based company, one of the oldest media empires in the U.S., announced plans Tuesday to buy back 25% of its outstanding common shares, shed $500 million in noncore assets and cut expenses by $200 million.

Tribune said it wants to expand existing interactive businesses and invest in building national interactive networks. The company adds that it will not shed assets in its top three markets, though divestitures "could include certain noncore broadcasting and publishing assets, as well as real estate and securities held for investment," Tribune said. ...