It was once one of the most powerful media conglomerates in the U.S. -- then came a new buyer, bankruptcy and an $8 billion buyout. So what really happened to the Tribune Company? Former Chicago Tribune managing editor James O'Shea discusses his tell-all book: The Deal From Hell: How Moguls and Wall Street Plundered Great American Newspapers.

This week on Chicago Tonight: The Week in Review, former governor Rod Blagojevich is found guilty on 17 counts, including trying to sell President Obama's Senate seat. Mayor Rahm Emanuel says union work rule changes are needed -- or layoffs will come. Controversy continues over Alderman Ed Burke's security detail. Governor Quinn signs a workers compensation reform bill and tightens seat belt laws. Former first lady Lura Lynn Ryan dies with former governor Ryan out of prison and at her side. And in sports, the dismantling of the champion Blackhawks continues.

From slashing the City Council in half to cutting the Fire Department's budget, a new report outlines 40 tough-love measures to get the city's budget back in shape. Our panel discusses the cost-cutting ideas, and what it will take to implement them.

On Wednesday, Mayor Rahm Emanuel announced that Walgreens’ new “Chicago Hometown Investment Initiative” will bring 600 new jobs to Chicago over the next two years. The initiative will also quadruple the number of Walgreens stores located in the city’s food deserts. This is the fifth major jobs announcement Mayor Emanuel has made during his term, for a total of 3,600 jobs. “This dual investment by Walgreens will have a profound effect on the city of Chicago,” said Mayor Emanuel. “The 600 new jobs will have a strong impact on our economy, and the nearly 40 new stores will allow many of our residents to get fresh, healthy food for their families. This is an example of a corporation that is committed to both the City of Chicago and its mission.”

Former president Bill Clinton joins his former staffer, Mayor Rahm Emanuel, right here in Chicago to launch a major initiative. Paris Schutz has the story. More on the Story: Web article Clinton's Global Initiative Chicago Tribune article

An agreement between the City of Chicago and a number of labor unions is set to expire this week. Could this be the end of mandatory furlough days for city employees? Ash-har Quraishi tells us what Mayor Rahm Emanuel has to say about the issue.

This week on Chicago Tonight: The Week in Review, newly released 911 tapes add even more controversy to the Memorial Day beach closings. The city's war on gangs nets 120 arrests as the top cop, Garry McCarthy, has vowed to "obliterate" them. The new school board approves hefty executive pay hikes as salary-slashed teachers protest, and CPS CEO Jean-Claude Brizard suggests teachers visit students' homes. An old court order from the Council Wars protects Ald. Ed Burke's controversial 24-7 police detail. ComEd is still reeling from the storm blackouts.

Crude oil prices tumble, the unemployment rate stumbles, and the housing market falls too. Eddie Arruza and our financial panel break down why the economic recovery has stalled.

Hundreds of teachers and union members took to the streets this morning to protest the Chicago Board of Education's decision to rescind a contractual pay raise for teachers. Ash-har Quraishi tells us what happened inside the school board meeting that followed. Collective bargaining agreement: See pg 117, item 47-2.2 for pay raise clause

Cook County Treasurer Maria Pappas says the average Chicago household now owes a whopping $63,525 to cover local government debt. Phil Ponce sits down with her to ask how she came up with the staggering $108 billion total amount.

With unemployment rising and major companies threatening to leave the state because of high taxes, WBBM Newsradio 780's Kris Kridel joins us to survey the business landscape.

We hear from Michael Hogan about rising tuition, budget issues and his first year as president of the University of Illinois. Should U of I be given more resources from the state? Michael Hogan's bio

This week on Chicago Tonight: The Week in Review, new top cop Garry McCarthy is beefing up police presence in the wake of mobs of thugs, who are quickly converging and dispersing, robbing shoppers and tourists in the Near North and downtown areas. Former Gov. Rod Blagojevich's case goes to the jury after a tough cross-examination and closing arguments. Gov. Pat Quinn threatens to shut down the summer road construction season to get legislators back to the bargaining table in Springfield.

We hear what you had to say about recent stories when we read some of our viewer mail. Send Chicago Tonight your comments

This week on Chicago Tonight: The Week in Review, Gov. Pat Quinn is considering vetoing a number of major bills the Illinois lawmakers passed at the end of the legislative session this week. Examining casino expansion, ComEd rate hikes and the new state budget are on his summer to-do list. Rahm Emanuel flexes his political clout just two weeks into mayoral tenure, convincing legislators to pass the perennial gambling expansion and a once-dead workers' compensation overhaul. Former Governor Rod Blagojevich's cross-examination starts testily.

Groupon Inc. has filed for an initial public offering of stock worth up to $750 million. Jim Kirk from Crain's Chicago Business joins us to discuss the local company's latest business move. Article on the filing Groupon website