Tribune Co. Files For Bankruptcy

As expected/feared for a long while in media circles and seen as imminent this morning, Tribune Co. filed for bankruptcy today in Delaware. Among the holdings of the major company are newspapers including the Los Angeles Times and Chicago Tribune and the syndicate Tribune Media Services. Strips syndicated by TMS included Dick Tracy, Shoe and Brewster Rockit: Space Guy! The cause is widely believed to be a massive amount of debt taken on when the company was purchased, the loss of advertising suffered by all media companies as circulations decline and services either end or switch to on-line facilitation, and the current credit crisis. I have no idea what this means from the Tribune holdings down the line, but I suspect it's a big enough name and a drastic enough move to shine a further spotlight on the troubles of media companies right now.
 
posted 12:30 pm PST | Permalink
 

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