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LA Times Publisher: We’re Losing Talent, Deals Over Bankruptcy

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(credit: GABRIEL BOUYS/AFP/Getty Images)

(credit: GABRIEL BOUYS/AFP/Getty Images)

LOS ANGELES (CBS/AP) — The publisher and CEO of the Los Angeles Times says unless the Tribune Co. emerges from bankruptcy protection soon it could lose its best assets to the competition.

Eddy Hartenstein testified Monday that the cloud of bankruptcy is hurting Tribune’s ability to keep and attract employees and to forge partnerships to help it compete in the rapidly changing media industry.

Hartenstein was the final Tribune witness in a hearing to determine whether a Delaware judge will approve the company’s reorganization plan.

Noteholders who have submitted their own plan will present their case later.

In addition to the L.A. Times, the Tribune owns the Chicago Tribune, other newspapers and several radio and TV stations.

It sought bankruptcy protection in 2008 after a leveraged buyout that was engineered by billionaire Sam Zell, and which an examiner said likely included fraud.

(TM and © Copyright 2010 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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