Tribune Co. Going Bankrupt
Sunday, December 7, 2008 23:06
Tribune Co. may be filing for Chapter 11 Bankruptcy next week, as advertising revenues tumbled.The company has $1.5 billion due in interest payments on debt due over the next 8 months and won’t have the cash to make good. Tribune has hired Lazard to prepare the bankruptcy filings.
Tribune has been in trouble for a while. Earlier this year they were forced to sell a 97% stake in the long island newspapers Newsday for $650 million.
The print news industry has been in steady decline for several years thanks to the 1-2 punch given by Craigslist.org, which killed their classified revenue, and the contraction of the economy, which weighed heavy on ad revenues.
Are we witnessing the end of an era? One can hope.
Newspaper Assets include:
The Los Angeles Times
Chicago Tribune
The Sun
Sun Sentinel
Orlando Sentinel
The Hartford Courant
The Morning Call
Daily Press
Sports Assets:
The Chicago Cubs
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Eloise says:
June 15th, 2009 at 8:56 am
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