Tribune Company Files For Chapter 11 Bankruptcy

• December 9, 2008

$13 billion in debt and $7.6 billion in assets.
Bailout time?

“So, how did we get here? It has been, to say the least, the perfect storm,” (Owner Sam) Zell wrote. “A precipitous decline in revenue and a tough economy have coupled with a credit crisis, making it extremely difficult to support our debt. All of our major advertising categories have been dramatically impacted.”

Actually, chapter 11 bankruptcy is exactly what needs to happen with the auto companies. Chapter 11 doesn’t necessarily mean the company is going to exist. It just means the company is going to be able to shed some of its debt. Restructure its leadership and business model, and hopefully re-emerge in a more profitable form.
As for why the Tribune company (which owns the Chicago Tribune, L.A. Times and something like 23 television stations) is going bankrupt…it’s hard to say. The internet probably has a good bit to do with it. People are getting their news differently, thus readership/viewership of more traditional media is falling off. But the overall economic down turn is probably having a pretty significant impact on advertising revenue as well.
I think a lot of people on the right will be tempted to blame this on liberal media bias, and that argument has merit given that perceived right-leaning outlets such as Fox News and the Wall Street Journal are doing just fine, but ultimately I think this mostly just has to do with the changing media environment.

Tags: Domestic Issues, Politics

http://Array di butler

we get a newspaper delivered every day. It comes with the service for garbage pickup. I have asked them not to deliver it, I don’t think we should have to pay extra if we don’t want it, but tough crap. And the stupid thing is, it is for the county next to ours, so the local stuff isn’t even relevent. They get piled up in everyone in the neighborhood’s driveway, or else straight into the garbage can they people who make up take it provide for us. I think this is a ridiculous waste, and is just more garbage.
http://www.bikebubba.blogspot.com/ Bike Bubba

Why the Tribune is collapsing;

1. They failed to rein in the LA Tribune, which somehow managed not to tick off just half the population, but rather 2/3 to 3/4 of its target–no small feat for a liberal newspaper in a fairly liberal town. LA was a HUGE part of the hemhorrage of money from the Trib company.

2. They kept piling on debt as the number of subscribers dropped. After 171 years, and fairly static population in the Windy City, they were still piling on debt? Somebody didn’t listen to the actuaries.

3. As readership dropped, so did the value of the collateral.

Perfect storm? Well, every storm seems like a perfect storm for those caught in a leaky boat out at sea. Fix either the issues with the LA Times or debt, and they’re in port or in a sound ship. Those waves wouldn’t seem so scary, would they?
Mickey

Bill,

except the internet is free and you have more choice
Kurt

It is quite clear that all printed media should redistribute their wealth for the good. This the logic of BO.
di butler

Another great idea, Bear, and they could just spread their own wealth around with each other.
Hungry Bear

It is quite clear that all printed media should redistribute their wealth for the good. This the logic of BO.

The trouble is, they don’t have any wealth. American newspapers have been so busy trying to hurt Republicans and help Democrats for the last 30 years that they forgot how to report news and make money.

But because the press is basically a wing of the Democrat party, they should be subsidized by contributions made to the DNC.
http://sayanythingblog.com/ likwidshoe

Hungry Bear – The national media should get a huge bail-out, not from the taxpayer, but from the Democratic Party.

That wouldn’t be a bailout, but rather a payment for services rendered.
http://magyartruth.blogspot.com/ Chief RZ

No welfare for liberal newspapers.
di butler

I want the Atlanta-Journal Constipation to go by the wayside. I hope sooooo much it fails. It is a shitty rag. And they call daily and beg for subscriptions. I no longer get calls, because I told them that the only way I would subscribe was for them to actually report news down the center, no bias. They don’t, so I can’t.
Bill Mitchell

It’s simple.

I get a paper delivered to my home every day as a part of our community dues.

Never read it.

Why not? Why read yesterday’s news when I already read it…yesterday? Why look at the classifieds when all the good stuff is on Craigslist?

Nope, Newspapers are going the way of the horse and buggy. The final nail in the coffin was 3G high speed internet for cell phone.

And oh yeah, they are all full of liberal bs too.
Hungry Bear

The national media should get a huge bail-out, not from the taxpayer, but from the Democratic Party.

get not bet
Hungry Bear

The national media should bet a huge bail-out, not from the taxpayer, but from the Democratic Party.

It’s only fair.

Since the media’s coverage of the campaigh ammounted to billions of dollars of one sided pro-Democrat advertising, the Democratic Party should pay for that advertising.

It seems to me that the Obama campaign should pay the NYT, LA Times, and Chicago Tribune for all that free advertising. I also think the DNC should also write checks to the media for all the times they only covered Republican scandals and ignored democratic scandals.
Hungry Bear

Another idea would be for the DNC to share a joint checking acount with NY Times, LA Times, Trib, Chronicle, etc. It seems only fair.
Mickey

The Internet killed the newspaper industry and sanctimonious liberals buried it.
di butler

Hungry Bear,

Excellent idea. Bailout from those that benefit,{and read}, that useless claptrap. I am thrilled they are having to file bankruptcy. I hope they have to end up with chpt.7, myself. If you can’t sell papers, it may be because they suck.
http://proof-proofpositive.blogspot.com/ proof_positive

McClatchy is looking for a buyer for the Miami Herald to help them get out of debt.
http://www.valleydeals.com/cgi-bin/board2/YaBB.pl Kevin

The print media is obsolete.

SayAnythingBlog.com

Tribune Company Files For Chapter 11 Bankruptcy

Create a SAB Readerblog

Recent Comments