Tribune Co. files Chapter 11 bankruptcy

MarketWatch: Tribune Co. said Monday, Dec. 8, that it filed for Chapter 11 bankruptcy protection to restructure its nearly $13 billion debt load, a move that dramatically underscores the dire circumstances clouding the near-term future of the newspaper industry.

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Last month, Tribune reported a third-quarter loss of $121.6 million. A year earlier, it had posted earnings of $152.8 million. Advertising plunged 19% at its newspapers, which include the Chicago Tribune, the Los Angeles Times and the Baltimore Sun.

Reporting quality at the LA Times had been deteriorating, as LBE had noted in pieces discussing stem cell research and other things.

See
Los Angeles Times Gets Facts Wrong in Discussion about Supreme Court case, eBay v. MercExchange

AND earlier post on ezine.

Now, the holding company of the LA Times has filed for bankruptcy and the State of California is way in the hole.