Archive for Tuesday, December 9, 2008

Tribune Co. files for bankruptcy

December 9, 2008

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— The Tribune Co. — owner of the Los Angeles Times, Chicago Tribune, Baltimore Sun and other dailies — filed for Chapter 11 bankruptcy Monday, the first major newspaper publisher to take such a step since the Internet plunged the industry into a desperate struggle for survival.

The media conglomerate was smothered by a drop-off in advertising and a crushing $13 billion in debt from the company’s takeover a year ago by Chicago real estate mogul Sam Zell.

Chapter 11 would buy the Tribune Co. time to put its finances in order. Analysts said the company will almost certainly have to sell off some of its major holdings — and that could prove extremely difficult because of the bad economy and the poor outlook for newspapers.

Comments

just_another_bozo_on_this_bus 6 years, 3 months ago

I see that liberal bogeyman is still hiding under your bed, tom.

BigAl 6 years, 3 months ago

The most biased news today comes from Talk Radio, FOX News and MSNBC. And yes, the internet has something to do with the declining subscriptions of newspapers. More and more people are reading the paper on-line. Plain and simple fact.

cowboy 6 years, 3 months ago

Has nothing to do with liberal , been listening to O'reilly too much , try another channel. The printing business has been in the toilet for over a decade. First it was overseas printing of a majority of the hard cover books , then desktop publishing , then the internet advertising. All of those were direct hits to the printing industry. It's a dying duck unfortunately. Think for just a moment how much revenue Craigs List has deleted from the national newpaper advertising.

cowboy 6 years, 3 months ago

Print advertising Tom , did you take an ignorant pill today or what ? In the olden days , 15-20 years ago there was money in printing , a lot of money , a whole lot of money. With a shrinking utilization , I would venture a guess that there are 50 % less press cylinders in the US actually doing anything. Less printing , print advertising , revenue , and even less profit margin. If you need this translated to any lower grammatical level to understand , let me know. My family and myself have been in the print trade for 3 generations , it's about cooked !

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