Tribune Co.’s Post-Bankruptcy Board Is Not Very Newsy

A Chicago and a NATO flag fly over the Michigan Avenue bridge near the Tribune Tower, headquarters of the Tribune Company, on June 7, 2012 in Chicago, Illinois. The Tribune Company, owner of the Chicago Tribune, Los Angeles Times and several broadcasting outlets across the country, returns to court today to face one of the final hurdles before possibly exiting bankruptcy. (Photo by Scott Olson/Getty Images)

When the Tribune Co. emerges from for years of bankruptcy on Monday, it will be with a new board of directors, mostly Hollywood players who have no experience running newspapers or television stations, the Los Angeles Times reports. "Five of the seven members have ties to the entertainment and media industries, including Hartenstein and Peter Liguori, a former News Corp. executive who is expected to succeed [Eddy] Hartenstein as Tribune CEO in the next few weeks." There's also an entertainment attorney, a former Yahoo marketing director, a former Walt Disney executive, and a couple higher-ups from a distressed debt firm. Creditors don't seem to be bothered by the lack of ink stains in the boardroom. Bloomberg reports: "As part of its emergence from bankruptcy, Tribune Co. also will close on a new $1.1 billion term loan and a $300 million revolving credit line."