Tribune aims to give competitive wages - memo

Aug 21 (Reuters) - An internal memo at Tribune Co TRBCQ.PK said the bankrupt media company was working to provide market-level competitive wages for employees and sought to allay employee concerns.

"It would be absurd to think that this company will be 'liquidated'," Tribune Chief Operating Officer Randy Michaels wrote in a letter to employees, which was obtained by Reuters.

The company's ownership structure is likely to change, but the current operating management intends to remain in place during and after the restructuring, Michaels said.

Earlier this week, the New York Post reported that Tribune Chief Executive Sam Zell was close to giving up his claims to buy a 40 percent stake in the company.

Tribune, which owns the Los Angeles Times, Chicago Tribune and other U.S. papers, filed for bankruptcy last December.

Tribune could not immediately be reached for comment by Reuters outside regular U.S. business hours. (Reporting by Robert MacMillan in New York and S. John Tilak in Bangalore; Editing by Muralikumar Anantharaman)