NEW YORK - Media conglomerate Tribune Co. has filed for bankruptcy protection.
The owner of the Chicago Tribune, the Los Angeles Times, the Chicago Cubs and other properties has $13 billion in debt.
Severe reductions in advertising this year because of the recession has put pressure on the company. Most of its debt comes from the complex transaction in which the company was taken private by real estate mogul Sam Zell last year.
1. Still somewhat shocking to see this, even after yesterday's warning
But, I have to say, the wounds are almost entirely self-inflicted.
As a former newsroom manager (but not for Tribune Co.), never have I seen an industry so utterly out of touch with the real-world concerns of its customers. There are, of course, many fine individuals who work valiantly to overcome these obstacles, and there is still great journalism being done in America, but the corporate pressures simply are too much.
I don't know what form journalism is about to take in this country, but the civic participation of everyday Americans is at stake.
you find it here. The original journalism generally is done elsewhere, blogs and the msm, wouldn't you agree?
It seems to me the answer to the problem in old media is that there are too many resources being spent on covering the same news and that a greater share of the total will need to cover local news. Also a great downsizing of these news outlets so they can be viable of course.
Im pretty sure the way this was structured a big chunk of the equity was from the ESOP, so they're now wiped out. Sam Zell is as well, but he only put in $300MM, which is chump change for him. Thought it was foolish for the ESOP trustee to approve the amount of leverage at the time, now the employees will be paying the price.
I do not believe the Lies Angeles Times. The last straw was when they joined with fellow propaganda organs the Screw York TImes and the Whoreshington Post to cover up the CIA's involvement in Contra Cocaine
They deliberately lied to destroy Gary Webb. Meanwhile, Chickenhawk Jonah Goldberg clucks like a capon in that disgusting propaganda rag...
22. Uh, no. No one I know there drove Gary Webb to suicide. As for Contra --
I believe they were toddlers to elementary schoolers at that time.
Jonah Goldberg is vile, but Rosa Brooks, for example, is not.
But, hey, I hear where you're coming from. I'm a frequent critic of the MSM. We have different perspectives on this particular issue involving workers, employment, benefits, etc., in a time of economic distress.
9. Local newspapers do local civics like nobody else
At least they do when the papers are run well. DU et al. aren't intended to tell you what's going on with your local city council, school board, and the like. Newspapers traditionally have provided a necessary local watchdog over these organizations, but such work usually isn't especially glamorous or profitable.
But one of the ills in our society is the steep decline in local civic involvement -- and I'm hard-pressed to see what can replace the role of local newspapers.
16. No doubt about it....we should bail them out...
and give BOA some more money and give the oil companies
another break....keep those printing presses going...and
while we're at it lets give that sob at merrill lynch another
10 million bonus...We are all going under and we just keep
adding water...before I forget ...Poor Dow
chemical......where, oh where will we get our agent orange
So how do you like your 04 endorsement of Bush now? That's when we canceled this shit. Democratic progressive city and the Trib push the Bush bullshit on us and said EAT IT. Corporate whores, I said a big FUCK YOU in a letter which I still have a copy of along with the one from them begging me to come back. Happy now Trib? Hows it working out for YOU! Look at all those lives you helped to ruin! Who am I kidding.....they probably blame it all on Barney Frank and the Democrats.
23. Tribune Co. files for Chapter 11 bankruptcy protection
Source: Los Angeles Times
Tribune Co., the owner of the Los Angeles Times, KTLA Channel 5 and dozens of other daily newspapers and television stations across the country, filed Monday for bankruptcy protection from creditors, in the latest indication of deteriorating economics for the news business.
The company's ills, which stem principally from declining advertising revenues, have been exacerbated by the heavy debt load of $12 billion it incurred a year ago when it was taken private by Chicago real estate entrepreneur Sam Zell.
But they parallel troubles afflicting many other newspaper and broadcasting companies nationwide: In recent weeks, the McClatchy newspaper chain put its Miami Herald up for sale, the Christian Science Monitor said it would abandon daily print publication in favor of Web operation, the Philadelphia Inquirer and Minneapolis Star-Tribune have flirted with or entered default, and the New York Times said it would mortgage its headquarters skyscraper in midtown Manhattan to help cover operating costs.
But none as yet has gone so far as to file for bankruptcy, which could add a new dimension of uncertainty for Tribune and its 16,000 employees. During a bankruptcy reorganization, major management decisions are subject to the approval of a bankruptcy judge, and the ultimate fate of a company -- including whether it remains intact or is sold off in pieces -- could be decided in part by its creditors.
26. I still prefer having a daily paper to go with my online news sources . . .
Partly because of the eclectic mix (which I might otherwise miss, being fixated on political news as I am); partly because of the local ads, which frequently induce me to buy stuff; and partly for the packaging of local, national, and international headlines in one tidy package, which naturally support reading each other.
And my local paper is able to support itself through advertising (I live in a metro area with about a million people and the only other major competitors in the morning paper space are the "national" paper -- a Murdoch product -- and a pair of "serious" papers from two major cities down south.)
But no question the news model has changed and will continue to do so. Newspapers are evolving and dying, in true Darwinian fashion.
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