Eisner set to take over Tribune reins, report says

The Wrap has posted a story saying that an announcement on former Disney CEO Michael Eisner "becoming the chairman of the Tribune Co., is imminent," based on an unnamed source familiar with the talks between Sam Zell's regime at Tribune and the company's bankruptcy creditors.

Eisner's guardian angel in negotiations is his close friend John Angelo, one of the creditors who are poised to take control of the company from the current board of directors and management.

“Right now, it’s going to be Eisner,” the person said. "The lenders are going to try to take the company. It's the only way they are going to get some of their money. But they're not ready yet."

The announcement could come as early as next week, after the Labor Day holiday, the person said.

“Eisner is in the Old Media-to-New Media transformation business, that's why the creditors are talking to him,” the individual said. “They need a good old American guy, a face, a guy who can deal with bankers and convince them that he can get the company out of trouble. A lot of people involved think Eisner is that guy.”