Tribune Co. Weighing Bankruptcy Filing, Reports Say

[bijou]

CHICAGO  —  Tribune Co., owner of the Los Angeles Times and Chicago Tribune, other newspapers and the Chicago Cubs and Wrigley Field, has hired financial advisers ahead of a possible filing for bankruptcy-court protection, according to reports on Sunday.

The Chicago Tribune reported its parent hired investment bank Lazard Ltd. and law firm Sidley Austin as it considers its financial options.

Tribune Co. spokesman Gary Weitman told the newspaper that the company was looking at all its options and had not made any decision on the matter.

...

http://www.foxnews.com/story/0,2933,463224,00.html

and

SACRAMENTO —  The McClatchy Co. has approached potential buyers to sell The Miami Herald, one of its most prestigious properties, The New York Times reported Saturday.

McClatchy, the nation's third-largest newspaper chain, is courting potential buyers to unload one of its largest assets as it struggles with debt and advertising losses, the Times said in report published on its Web site, citing anonymous people briefed on McClatchy's plans.

...

http://www.foxnews.com/story/0,2933,463348,00.html

The MSM is feeling the heat. Perhaps they should have made more effort to appeal to a wider readership.

[Ralph Wiggum]

Other than endorsing Obama, the Chicago Tribune is one of the few big papers that is generally right-of-center on their editorial page.  The Dallas Morning News is probably the other major paper that leans that way.

[Chris_]

I think that after the Innauguration, the newspapers - especially those who were the most strident of Obama acolytes - will find themselves migrated onto that list of those businesses "too big to fail".

Just think, the Obamessiah will do for fishwrappers what NeoComs have already done for PBS.

[Ralph Wiggum]

I just got a "Chicago Tribune" breaking news alert in my email: Tribune files for bankruptcy protection.

http://www.chicagobreakingnews.com/2008/12/tribune-files-for-bankruptcy.html

The irony.