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Chicago Tribune To File For Bankruptcy

December 9th, 2008 Comments off

It is being reported that the Tribune Company is in the process of preparing for filing Chapter 11 bankruptcy court protection. Sources suggest that the chapter 11 filing may come as early as this week. The Tribune Company, which is headquartered in Chicago, publishes both the Chicago Tribune and the Los Angeles Times, both major big-city newspapers.

The Tribune Company is saddled with massive debt, incurred in a takeover bid that occurred last year. The rumored bankruptcy filing is indicative of the toll the Global Economic Crisis is taking on all segments of the American economy, including traditional newspapers. It may be that other major newspapers will also go bankrupt, as readership and advertising revenue plummets amid the worst economic crisis since the Great Depression.

If the unfolding global economic crisis, which has already devastated the U.S. financial industry, is now threatening traditional print media, who among the American economic and financial titans will be the next to fall? The economic outlook continues to deteriorate for the United States and the world.