A group of former publishers, executives and editors of the Tribune Co. and Times Mirror Co. filed suit Thursday against major shareholders who benefited from the $8.2 billion takeover of the media conglomerate. The group is seeking to recover $109 million in retirement benefits that were stripped after the company that publishes the Los Angeles Times and the Chicago Tribune filed for bankruptcy in the wake of the buyout, which had enriched some shareholders. The buyout deal in 2007 “lined the pockets of certain Tribune insiders and controlling shareholders with billions of dollars” while rendering Tribune insolvent, or nearly so, according to a copy of one of the lawsuits. Read full article > >

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Former Tribune, Times Mirror executives, editors sue shareholders

Under Sam Zell, the Tribune Company was bankrupted by its debt, and interviews with employees suggest a profane and alienating workplace.

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At Flagging Tribune, Tales of a Bankrupt Culture