Chicago Tribune just filed Chapter 11 --

[atprm]

wow... that's an old newspaper!!!

:(



Tribune Co. Files for Bankruptcy
Cash Flow May Not Be Enough to Cover Tribune's Nearly $1B in Interest Payments
CHICAGO December 7, 2008 (AP)

NEW YORK (AP) -- Media conglomerate Tribune Co. filed for bankruptcy protection Monday, as the owner of the Chicago Tribune, the Los Angeles Times, the Chicago Cubs and other properties tries to deal with $13 billion in debt.

Severe reductions in advertising this year because of the recession have put pressure on the Chicago-based company. Most of its debt comes from the complex transaction in which the company was taken private by real estate mogul Sam Zell last year.

[SLance68]

Here is a letter to the readers of the Orlando Sentinel about this.

Letter to our readers

6:24 PM EST, December 8, 2008
Dear Reader,

As you may already know, our parent company, Tribune, and its individual media properties, which includes OrlandoSentinel.com, have filed to restructure their debt obligations under the protection of Chapter 11 of the U.S. Bankruptcy Code.

What does all this mean for our readers, viewers and advertisers? As a practical matter, very little. Tribune is continuing to operate its media businesses, including its newspapers, television stations and websites.

And, at OrlandoSentinel.com, we remain dedicated to providing you with the level of service and news coverage you've come to expect from us every day.

The decision to restructure our debt was predicated by the dramatic and unexpected operating conditions we've encountered this year. We have experienced the perfect storm -- a sharp decline in revenue and a tough economy has coupled with a credit crisis making it extremely difficult to support our debt. All of our major advertising categories have been dramatically impacted.

This restructuring is in Tribune's best long-term interest. It will reduce pressure on our operating businesses, enabling us to pursue our vision of creating a sustainable, cutting-edge media company that is valued by our readers, viewers and advertisers, and that plays a vital role in the communities we serve. That, in turn, will help keep this newspaper showing up at your home and at your local newsstand every day, offering you news, information and entertainment you can't get anywhere else. It's what you expect and what we'll continue to deliver.

We remain committed to serving Central Florida.

Howard Greenberg
Orlando Sentinel
Publisher

http://www.orlandosentinel.com/orl-letter-to-readers-greenberg-120808,0,2720457.htmlstory

[janelle]

For the liberal media who propped up Obama for two years I say, BU-BYE.

Although now it seems McCain would have been the more liberal one of the two. LOL

[SLance68]

Sorry Janelle - they are just using this as a way to restructure their debt. Can't kill that liberal media. Funny part is that the Orlando Sentinel use to be a extremely conservative paper. But the past 10 to 15 years they have become extremely liberal.

[Jolie Rouge]

Your sob story of the day comes from the Boston Globe, which profiles a neighborhood panhandler who begs in the middle of traffic to earn money for his next crack cocaine fix. http://www.boston.com/news/local/massachusetts/articles/2008/12/08/idle_handouts/

The Globe calls him “colorful.” The newspaper spends nearly 1,000 words on him in its front-page story — plus a special video.

Is it any wonder newspapers are dying? http://www.bigbigforums.com/news-information/606017-mcclatchy-puts-miami-herald-up-sale.html

Comments from the Globe website:


Oh, how cute and homey - a polite, delightful, neighborhood crack addict endangering himself and others while begging for money in traffic so he can get more crack. This story should be on the evening news with Katie. I’m so moved. Jimmie Stewart would be perfect in the movie version.
The way the Globe is idolizing this guy, they should support more aimlessly wandering crack addidcts in our streets.


What does putting a crack addicted beggar on the front page of the leading Boston news website say about our city? Considering all the talent, successes, achievements, and genius in this citym who could have graced the pages of the first thing most of us read in the morning, you chose a loser. I’d rather not be associated with losers. I’ll not be associated with this paper or website anymore.


It’s unfortunate that we see sympathetic stories about panhandlers. This story could have been written about the man on just about all the major interesctions on city streets. The guy that works Stuart street has been there for at least 15 years, though he moved a block when the Jury’s Hotel opened. And for good reason it’s always men- there’s an intimidation factor- As they approch your car you have to wonder- ‘Is the guy crazy? Will he go ballistic if I don’t give him money? Does he have a weapon?’ It’s disturbing to me that these man are glamorized and glorified as Boston icons. Giving someone a dollar so they can spend more time on the street is not sympathetic- it’s placating your own guilt. The potential of these men is squandered by empowering them to beg. Just one more way a misguided liberal society perpetuates homelessness and poverty…