Read all about it, New York Times just reported this about the LATimes’ parent company:
Tribune Hires Advisers to Try Staving Off Bankruptcy
Tribune has hired bankruptcy advisers as the ailing newspaper company seeks to stave off a potential bankruptcy filing, people briefed on the matter said.
The newspaper, which was taken private last year by billionaire investor Samuel Zell, has hired the investment bank Lazard and the law firm Sidley Austin, these people said. Tribune has been hobbled by debt related to that sale last year, which has been compounded by the growing drought of advertising for newspapers.
It is only the latest — and biggest — sign of duress for the newspaper industry yet. Several newspaper companies have struggled to cope with declining revenues and mounting debt woes.
While Tribune has sought to ameliorate its woes by selling off assets like the Chicago Cubs, the company still faces a looming debt crunch. Tribune hired Lazard several weeks ago to assess its options, these people said. Sidley Austin is a longtime outside adviser to Tribune, and it has a well-respected bankruptcy practice as well.
This is sad news for Chicagoans who read the Trib
every single day! Hard to accept this kind of
“progress.” TH
http://lausdtruth.wordpress.com/
Sad news for Los Angeles where the Times has been losing readers and advertising revenue. Still, all is not lost. Perhaps a Bailout will come in the form of advertising revenues from Jack Weiss and Mayor Villar; both have yet to spend a penny from their campaign war chests. Perhaps it’s time they paid for all the free advertising they’ve enjoyed from the Times?
David Berger: You’ve got it right! I always wonder when the pols brag on how much money they have collected why I don’t see the ads in the newspapers like it used to be. When the media takes sides, who needs to spend any money? Where does all that money go? Surely the campaign helpers do not get paid fortunes. Anybody know?