Tribune CEO could be shown the door

CHICAGO, Oct. 19 (UPI) -- The Tribune Co. in Chicago is expected to fire Chief Executive Officer Randy Michaels before it emerges from bankruptcy, a source told The New York Times.

The company was purchased by Chicago real estate mogul Sam Zell for $8.2 billion and filed for bankruptcy in December 2008, like many newspapers a victim of advertisers and readers moving to the Internet. The company, meanwhile, has sold its Newsday publication and its share of the Chicago Cubs, raising $600 million and $800 million, respectively, The New York Times reported.

It has also announced it struck a deal with some, but not all, of its significant creditors.

Michaels, whose background is mostly associated with radio, has been CEO since December after spending two years as the Tribune's executive vice president of broadcasting and interactive business, the newspaper said.

But the Times said Michaels may be seen as a bad fit owing to the company's conservative backbone and a new executive atmosphere that was described in a recent Times article as similar to a "frat house."

This week, executive Lee Abrams resigned after being suspended without pay for sending a sexually graphic e-mail to employees.