Media Digest (12/31/2012) Reuters, WSJ, NY Times, FT

The Tribune Company will exit Chapter 11 today. (Reuters)

Some pension funds want a change in rules about how executives can trade stocks in the companies they run. (WSJ)

Chesapeake Energy Corp.’s (NYSE: CHK) review of CEO Aubrey McClendon takes longer than expected. (WSJ)

AMR pilots near a deal that would allow a merger with US Airways Group Inc. (NYSE: LCC). (WSJ)

Netflix Inc. (NASDAQ: NFLX) will pay CEO Reed Hastings $4 million next year, about double 2012. (WSJ)

Congress may set restrictions to help keep milk prices down next year. (WSJ)

The HSBC China Manufacturing Purchasing Managers’ Index reaches a 19-month high. (WSJ)

European car makers face huge threats to their financials in 2013. (WSJ)

The turnovers among S&P 500 CEOs was extremely low in 2012. (WSJ)

The race to win the mobile wars likely will affect the long-term future of firms including Microsoft (NASDAQ: MSFT), Google (NASDAQ: GOOG) and Facebook (NASDAQ: FB) (WSJ)

Many economists expect lack of action on the fiscal cliff to hurt the U.S. economy in the first half, even if a deal is reached soon. (NYT)

Members of the OPEC cartel will bring in $1 trillion in profits. (FT)

Douglas A. McIntyre