It would be a grave error to write off Tribune. With their free cash flow, presence in major markets, local journalism and WB branding in TV, they'll recover if not to their previous glory then at least to a higher potential.

The new Tribune Company is a multi-tiered, diversified media company with real strength in local media.

What I see going forward is not rounds of consolidation among newspaper companies, but we will see the value of prominent brands, like the New York Times and Wall Street Journal , become more important to investors ... in the new media world.

There was a strong signal from gearing at just 13 percent and strong free cash flow generation in Q4, and that's the reason why the share bounced back.

We are in favor of greater free markets.

We regard the shares as inexpensive and believe that just placing a market multiple on its free-cash-flow a few years out yields substantial upside in the stock.