NEW YORK, July 26 (UPI) -- Tribune Co. Chief Executive Officer Randy Michaels says he will reduce duplication and look for new revenue streams to help the struggling U.S. media giant.
The 163-year-old company -- which includes eight major newspapers, such as the Los Angeles Times and the Chicago Tribune, and 23 local TV stations -- is expected to complete bankruptcy proceedings this summer, the Wall Street Journal said Monday.
"For there to be a printing plant in Miami, Ft. Lauderdale and Palm Beach (Fla.) is crazy. There's too much infrastructure," Michaels, a former radio executive, told the Journal. "On the TV side, this is an industry ready to consolidate. I believe my experience in helping people look rationally at opportunities to grow their business by intelligently consolidating regionally will be very helpful."