Tribune Company has a new name after spinning off its publishing business.
The multimedia company will now be known as Tribune Media Company and will focus on its radio, television and digital assets. Its 42 properties include Tribune Broadcasting, WGN America, Tribune Digital Ventures and Tribune Real Estate.
The overhaul comes with a new logo and corporate website. Tribune has labored under the cloud of bankruptcy and plunging ad revenues for years, leading to its fissure into two companies.
Tribune’s papers, which include the Los Angeles Times and the Chicago Tribune, will begin trading Tuesday as a new company, Tribune Publishing. It will be listed under the symbol TPUB on the New York Stock Exchange. It has been saddled with $350 million in debt and faces a cloudy future as revenues and readership of newspapers continue to decline.
“In the last year, we have executed a strategy designed to embrace a rapidly changing media environment,” said Peter Liguori, President and CEO, Tribune Media Company, in a statement. “We doubled the size of our broadcast group, re-launched our national cable network, WGN America, with high-quality original programming, and expanded our digital businesses that power some of the world’s leading media brands. The result is a rich and diverse portfolio of media properties and the birth today of Tribune Media Company.”