Tribune gets creditor deal to wipe out billions of debt. Major creditors to the The Tribune Co, America’s biggest media collapse of the recession, will get control of the group in exchange for wiping out billions of dollars in debt. In an announcement this morning the company, which controls the Chicago Tribune as well as many other smaller papers and TV stations, revealed the agreement with its major creditors.

The Tribune Co filed for bankruptcy protection in December 2008 owning $US12.96 billion and having assets of US7.6 billion. It says today’s deal could see it exit bankruptcy later this year. Today’s agreement goes to the US bankruptcy court at a hearing next week.

The deal includes debt taken on in the leveraged buyout in 2007 of the company by Chicago real billionaire Sam Zell at a cost of $US8 billion. That was the deal that broke as ad sales slumped and revenues plummeted as the credit crunch and recession swept over the US and the media sector in particular. Zell remains chairman, but has handed over day-to-day control to management. There was no word on if he will stay with the company he is now blamed for crippling.

If approved by the court, the deal will mean creditors have agreed to wipe out much of Tribune’s billions of dollars of debt. Under Tribune’s plan, the lenders would own the media company with the largest debt holders, led by JP Morgan (which was owed a massive $US8.6 billion and was the largest creditor) and Angelo Gordon, to receive cash, new debt and stock representing more than 91% of the equity in a reorganised company. Other lenders will receive small percentages. — Glenn Dyer

Big changes for Aunty? In late March the ABC’s director of television, Kim Dalton, foreshadowed a big shake-up of the structure of his division. The idea is a “channel controller” model based around each of the multi-channels. Meanwhile content heads will do the strategic work, such as buying content. Here’s Dalton’s most recent missive to staff:

“The final model will create the roles of Channel Controllers who will set the vision, branding and program strategy for ABC1, ABC2, ABC Children’s (across ABC for Kids and ABC3) and ABC Multiplatform… Subject to recruitment, I anticipate that the full model will be implemented by 1 July 2010.”

— Margaret Simons

Brisbane’s tabloid Courier Mail has excelled itself today. Reporting on a considered and significant speech by former High Court judge Michael Kirby, the paper declined to use the scant four paragraphs to cover complex issues of human rights, same sex marriage and discrimination, instead reporting on Kirby’s apparent fondness for recently self-outed performer Ricky Martin’s square jaw. But, why should one by surprised? Check out their top 10 stories this morning:

  1. Ursula the top choice for men
  2. Our most dangerous pubs
  3. Child bride dies after intercourse
  4. Raped girl digs herself out of own grave
  5. Google Earth used to find link
  6. Hijab tangle caused go-kart death
  7. Charges follow cross-border killing
  8. Jacqueline’s a lot like Lara
  9. AFP join Chinese carrier probe
  10. One dead in nightclub window fall

— Terry Towelling

Newser and the Wrap have a tiff

“Sharon Waxman, who runs a website called The Wrap, which covers show business, continues to accuse Newser of various ethical sleights of hand with regard to the way we present the news and the way we occasionally cover The Wrap’s stories.” — Newser

Huffington Post launches Twitter editions

“In every section, our editors have hand-selected the most interesting Twitter accounts for that subject — Comedy, Politics, Entertainment, Sports, etc, etc — so you can be sure to get breaking news and on-target analysis as it comes in.” — Huffington Post

It’s Mr Glenn Beck Inc to you

“His hyperactivity is a blessing and a curse for his 34 full-time staffers, too, who chase after Beck and his volcanic mental eruptions, helping him turn those words into new productions and sources of profit.” — Forbes

Dubai: what counts as censorship?

“Often, I am never really sure where the line is between offending and not offending, and who will take offensive to what.” — PBS

O phew, she’s not really leaving

“Oprah Winfrey plans to announce Thursday that she will host an evening show on her new cable network. The aptly named Oprah’s Next Chapter, an hour-long show, will probably debut late next year.” — Wall Street Journal