At least that's the major takeaway I got reading this latest dispatch on the Tribune Media Company's bankruptcy saga.
What the agreement makes clear is what's been assumed all along. The banks and hedge funds that own the debt used to finance Tribune Co.'s leveraged buyout will end up owning nearly all of the company: <underline>91.2 percent</underline>. They include J.P. Morgan and Angelo, Gordon & Co.
So banks... and hedge funds... will own 91 percent out of the flagship papers of the second and third largest cities in America along with the WGN cable network...
And papers in Baltimore and Hartford and Orlando and South Florida and Allentown, Pa. and Newport News, Va...
And TV stations in Dallas, Denver, LA, Philadelphia, D.C., New Orleans (2), Houston, Miami, St. Louis, Sacramento, Seattle, San Diego, Indianapolis, Hartford, York, Pa.; Tacoma, Wash.; Kokomo, Ind.; Bloomington, Ind.; Portland, Ore.; Salem, Ore.; Grand Rapids, Mich. and Waterbury, Conn.
Is anyone else a little disturbed by this? (Or A LOT!)
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