Mmmyeah...This is Awkward

By Alicia Dorr in News on Jan 18, 2007 7:49PM

Since about 90 percent of the greater Chicagoland gets its news from, or at least comes into contact with, some form of Tribune media every day, we'll just assume you've heard that it put itself on the auctioning block.

What you may not have read, heard, or saw was that no one really wanted it. There aren't many companies or people who want to invest in newspapers right now, even though the owner could potentially control all of the other Tribune assets, too.

But there were a few who believed in the Tribune executives' ability to turn it all around, to figure out a way to keep up with new media and keep revenues from falling.

Well, no, that's actually a lie. There were only three bidders after the company pushed the bidding deadline back several times; Los Angeles billionaires (and, we hope, eccentrics) Ron Burkle and Eli Broad, one of the largest Tribune stockholders the Chandler family, and some other group that is undisclosed and obviously uninteresting (probably Ross Perot or something). The billionaires proposed the underwhelming offer of cash-in-hand to stock holders, a debt plan, and an okay view of what the company is worth.

Its other choice is the Chandlers, who went around war-whooping about how much the company is worth, and then, upon seeing that no one cared, bid lower and proposed splitting the newspaper and entertainment assets up. No one seems to be listening to the heads of the company, though, who do believe that if given enough time, they could turn it all around.

We think they can. Every time a new media comes along (the phonograph to displace bands, radio to displace records, television to radio...this is exhausting) people think the sky is falling. Well, it's not. Whether the decision-makers at the Trib decide to split it up, sell it or take matters into their own hands, we know the big, old, outdated media dinosaur could probably evolve.

And that's why we're going to bid on it, but all we have is our first edition Lord of the Rings set and a shiny quarter. Take it, Trib. We believe.

Image via Wikipedia.org.