Tribune Parent to declare bankruptcy.
Freedom Communications Inc., which publishes the Orange County Register, is expected to file this week to reorganize under Chapter 11 of U.S. bankruptcy law, people familiar with the situation told The Wall Street Journal. Freedom, which reports annual revenue of about $700 million, has reached agreement with its lenders to restructure its debt, the people told the paper. The Irvine, Calif., company, which also publishes more than 30 other papers and owns eight TV stations, has been owned for more than 70 years by the Hoiles family, the Journal reported. The investment firms Blackstone Group and Providence Equity Partners acquired 40% of the company in 2004 for about $460 million, the Journal reported.