Dear readers: you may have heard that Sam Zell's Tribune Company recently filed for bankruptcy. Do not be alarmed! Just because the company is drowning in $12 billion in debt with few prospects for a revival of its fortunes is no reason to believe that it's anything but "business as usual" at the trusty Tribune. When Zell bought the company last year, employees were assured, "Going forward, employees participating in the [Employee Stock Ownership Plan] will be invested alongside Sam Zell, one of today’s most successful investors." Awesome! And the company has already assured everyone that there's no need to get upset by today's unfortunate, catastrophic turn of events:
From the company's letter to advertisers:
8. Why should advertising clients continue advertising with Tribune?
Tribune is not going out of business. In fact, the company took this step to take control of its business and ensure it’s viable for many years to come. The company’s brands remain strong—we’re still publishing our newspapers and operating our TV stations and websites. Tribune values its relationships with advertisers and looks forward to continuing to work with them.
9. How long will the reorganization process take?
This process can last varying amounts of time.
Okay! And to employees, Zell says: just keep on working:
By restructuring our debt, we will reduce the pressure on the company’s operating businesses, enabling us to pursue our vision of creating a sustainable, cutting-edge media company that is valued by our readers, viewers, and advertisers, and that plays a vital role in the communities we serve. This filing should not impact the way you do your jobs on a day-to-day basis.
Until they are gone. [Pic via]