Tribune’s Board of Directors approved the final distribution ratio and declared a pro-rata distribution of 98.5% of the outstanding shares of Tribune Publishing Company common stock, which will effectuate the spin-off and result in the legal and structural separation of the two companies. Following the spin-off, Tribune Company will continue to hold 1.5% of the outstanding shares of Tribune Publishing Company common stock. The distribution will be made to Tribune Company’s stockholders and warrantholders of record as of 5:00 p.m., New York time, on July 28, 2014, the record date for the distribution. The distribution is expected to occur on August 4, 2014. The first regular day of trading in Tribune Publishing Company stock on the NYSE is expected to be August 5.
Laura R. Walker was elected to Tribune Company’s Board of Directors for a three-year term at yesterday’s stockholder meeting in Los Angeles. Walker, who is President and Chief Executive Officer of New York Public Radio, replaces Eddy Hartenstein, who is becoming non-executive chairman of Tribune Publishing Company’s Board of Directors following its spin-off from Tribune Company.
Tribune Digital Ventures, the technology and innovation arm of Tribune Company, announced it has acquired What’s-ON, a leading television search and Electronic Program Guide (EPG) data provider for India and the Middle East. This move expands Tribune’s TV listings and video metadata footprint to more than 50 countries in 30+ languages, reaching more than 600 million pay TV subscribers. What’s-ON delivers data for more than 1,600 TV channels and helps power more than 50 million set-top boxes through the region’s top cable and IPTV services. What’s-ON will continue to operate out of its headquarters in Mumbai.
The home of the Chicago Blackhawks will remain at WGN-TV, as the team and station have agreed to a three-year extension of the station's television rights. Though the current agreement wasn’t set to expire for another two years, the extension keeps Blackhawks hockey on “Chicago’s Very Own” through the conclusion of the 2018-19 NHL season. WGN-TV has been one of the flagship stations for Blackhawks television broadcasts since the start of the 2008-09 season. Under the agreement, WGN-TV will broadcast 20 regular-season games each year on free, over-the-air television. For more, check out this interview with John McDonough on WGN News.
Using a blend of human voice-overs and advanced text-to-speech technology, Newsbeat, the new mobile app from Tribune Digital Ventures, delivers a personalized audio stream of thousands of news stories from top newspapers and websites. Newsbeat also provides local weather and traffic updates, making it an ideal complement to your daily commute. Newsbeat is free and available for download on iOS and Android devices.
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