While the Tribune Co. is currently in bankruptcy, former Disney chief Michael Eisner has quietly become a candidate for chairmanship of the post-bankruptcy company.
In an online story Wednesday, the Chicago Tribune said that creditors have had preliminary talks with Eisner — who told Variety that he’s been buying Tribune Co. debt — and other executives about taking over the company chairmanship. The new exec at the helm will replace Sam Zell, who landed the Tribune in bankruptcy one year after his buyout of the company.
Upon emergence from bankruptcy, it is assumed that control of the Tribune Co. will be in the hands of senior creditors JPMorgan Chase & Co., Angelo Gordon & Co., and Oaktree Capital Management. Eisner is said to have a close friendship with John Angelo of the Angelo Gordon & Co. firm.
In interviews, Eisner has mentioned that “The salvation of the newspaper is some kind of pay arrangement [online], which will evolve into something significant.”
