The Associated Press is reporting, as expected, media conglomerate Tribune Company, smothered by $13 billion in debt and a drop-off in advertising, on Monday became the first major newspaper publisher to seek bankruptcy protection since the Internet sent the industry into a tailspin. MORE>>
Most of the company's $13 billion debt comes from the complex transaction in which the company was taken private, with employee ownership, by real estate mogul Sam Zell last year. Although Tribune's next major debt payment isn't due until June, the company has been in danger of missing financial targets set by its lenders.
Tribune owns The Chicago Tribune and Los Angeles Times, as well as Wrigley Field and The Chicago Cubs, though the last two are reportedly not a part of the filing. MORE>>
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