Tribune Company Files for Bankruptcy

The Tribune Company, which owns the Chicago Tribune, LA Times, and Baltimore Sun, as well as the Chicago Cubs and Wrigley Field, has filed for bankruptcy, which Dealbook calls, "the latest — and biggest — sign of duress for the newspaper industry yet." A year ago, real estate developer Sam Zell bought the Tribune Co., but the Wall Street Journal says the Tribune "stayed ahead of its $12 billion in borrowings with the help of asset sales... The company's cash flow may not be enough to cover nearly $1 billion in interest payments due this year, and Tribune owes a $512 million debt payment in June." Tribune sold off Newsday to Cablevision earlier this year, but still owns WPIX/Channel 11.

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By Jen Chung in News on December 8, 2008 2:50 PM

Comments [rss]

NannyState

Sam Zell should have stuck with the real estate business...uh, then again...

Toby von Meistersinger

Tribune's biggest problem can be summed with the following: Sam Zell.

whitecastlerock

That morning news is the absolute worst. Hairspray and giggles for everyone-barf

gnipgnop

yeah, but we still changed our name from CW11 back to PIX11 so who got the last laugh, huh?

suck it, world!!

Koufax

Yeah, this recession isn't helping an already struggling biz like the newspaper. Maybe they'll just fold the Chicago Cubs. I'd like to see that. South Side!