Tribune Company – Parent of Los Angeles Times – BUSTO

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?