Media News - Tuesday, December 09, 2008

US media giant Tribune Co. files for bankruptcy

The Tribune Co., owner of the Los Angeles Times, The Chicago Tribune and other dailies, filed for bankruptcy, in the latest blow to a newspaper industry reeling from a drop in advertising and the rise of online media. The Chicago-based company said it was forced to seek bankruptcy protection Monday because of a sharp drop in revenue and a 13-billion-dollar debt load but has enough cash to sustain operations while it restructures. It said the Chicago Cubs baseball franchise and its iconic stadium, Wrigley Field, were not included in the Chapter 11 bankruptcy filing, which protects the company from its creditors while it restructures, and the Tribune would continue to try to find a buyer for the team. The Tribune's eight newspapers, 23 television stations and interactive properties will continue to operate during the reorganization, the company stressed, adding that it 'has sufficient cash to do so.' 'This restructuring focuses on our debt, not on our operations,' said Tribune chairman and chief executive Sam Zell, the Chicago real-estate titan who led the 2007 private equity buyout of the Tribune Co. Tribune is the second-largest US newspaper publisher in terms of revenue and the third in terms of circulation. (AFP)

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