The biggest media industry bankruptcy ever will end today after four years with Tribune’s chief creditors — Oaktree Capital Management, Angelo, Gordon & Co. and JPMorgan Chase & Co — empowered to run the Chicago based broadcasting and newspaper power. The reorganization values the company at about $4.5B. The new…

The FCC’s Media Bureau gave Tribune a permanent waiver so it can continue to own a TV station and newspaper in Chicago, and temporary ones so it can ignore the government’s cross-ownership restrictions in New York, Los Angeles, South Florida and Hartford. The decisions “will enable the company to continue moving…

It’s official. A federal judge today confirmed a plan for Tribune Co. to emerge from Chapter 11 bankruptcy, according to the Los Angeles Times and Chicago Tribune. Deadline reported last week that Judge Kevin Carey said he would sign an order approving the plan after final wording changes were made and that has now…

A federal bankruptcy judge today approved Tribune Co.‘s plan to emerge from Chapter 11 bankruptcy. After overruling one objection and persuading a creditor to withdraw another, U.S. Bankruptcy Judge Kevin Carey said he would sign an order approving the plan after final wording changes were made. Tribune owns 23…

It’s been nearly three years since real estate magnate Sam Zell drove Tribune to seek bankruptcy protection — the result of his disastrous $8.2B leveraged buyout transactions in 2007. But the broadcasting, publishing and Internet power says its days in the penalty box may soon be over: The company filed a third…

UPDATE 1:30 PM: I’ve now had time to do some reporting of my own to put perspective on the Wall Street Journal‘s — and this idea of Peter Chernin taking over Tribune Co is a real longshot. Insiders tell me that Chernin has had one meeting with one creditor who asked him about the CEO job. Chernin said no. Then he was…

Is Michael Eisner still interested in the top Tribune job? What will happen to all of the stations? Those are the pressing questions now that Tribune has supposedly found a way out of Chapter 11. The company and many of its creditors announced a settlement after many of the lenders were holding out. Tribune said it…