08
12
2008
Tribune Company – Parent of Los Angeles Times – BUSTO
Posted by: Flap in Los Angeles Times, Media
The Tribune Company filed for Chapter 11 bankruptcy today.
The company that owns the Los Angeles Times, KTLA Channel 5 and the Chicago Tribune filed for bankruptcy protection today, seeking relief from $12 billion in debt that largely stems from last year’s leveraged buyout of the media firm.
Tribune Co. directors approved the action to seek Chapter 11 protection in a meeting today, saying they want to restructure payments to banks and other creditors, following real estate magnate Sam Zell’s purchase of the company last year.
Reportedly Zell will sell the Chicago Cubs to reorganize the company.
Flap would think baseball is more viable business-wise than the Tribune newspapers – hell, sell them instead.
When does Tribune apply for their government bailout?
Technorati Tags: Los Angeles Times
Entries (RSS)
December 8th, 2008 at 5:18 pm
Good ridden!
May 5th, 2009 at 8:40 am
It’s too bad to know that this news companies are doing so bad these days. But since everone is using the computer, I do not know who is really having time to read papers.