Tribune Expects Changes

Tribune Co. said its ownership is likely to change as the newspaper-and-television company emerges from bankruptcy-court protection, a shift that people familiar with the matter say would likely put the company in the hands of its lenders and shrink primary debt by more than 90%. In a note Thursday to employees, Tribune Chief Operating Officer Randy Michaels said "the ownership structure of the company is likely to change." He added that "current operating management is committed, and intends to remain in place during and after the restructuring." Tribune's senior lenders are likely to end up owning nearly all of the equity in a reorganized company, with a small amount reserved for Tribune management, employees and unsecured debtholders.