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According to the Wall Street Journal, media mega-corp Tribune, parent of our Los Angeles Times, has sought legal counsel recently that would help the fumbling company "for a possible trip through bankruptcy court." The filing, some speculate, could happen as soon as this week. The WSJ explains:
Tribune has been on wobbly footing since last December, when real-estate mogul Sam Zell led a debt-backed deal to take the company private. Tribune so far has stayed ahead of its $12 billion in borrowings with the help of asset sales, but now dwindling profits are tightening the noose. The company's cash flow may not be enough to cover nearly $1 billion in interest payments this year, and Tribune owes a $512 million debt payment in June.Zell is well-known for both his big wallet and his big mouth and for being unpopular with his employees. Tribune reps declined to comment on the rumors of bankruptcy.
Photo by Steve Rhodes via Flickr
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Just like Bush, is seems Zell's destruction of his empire is just about complete.
Well that was Zell's job. Take down the hated "liberal media' and make a mint for himself in the process.
Here's a solution: Fire that insufferable dipshit Jonah Goldberg.
seriously...how is he writing columns every week while they wipe out the international bureaus and hundreds of editorial staff??
My guess is it's because for some reason his column makes the top ten read-articles list the day after it comes out every week. I don't know who reads the guy, but apparently there are thousands of these people out there..sigh...
According to ABC7, Tribune has indeed filed for bankruptcy protection.
Yup, they have indeed:
http://laist.com/2008/12/08/la_times_ktla_owner_tribune_files_f.php