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Tribune Declares Bankruptcy, Other Newspaper Companies Are Selling Or Pawning The Family Silver – Will It End?
Philip M. Stone December 9, 2008
It was the shock that everyone thought would somehow be avoided – surely billionaire Sam Zell of all people would be able to lift Tribune above the bankruptcy abyss. Apparently not, and its Chapter 11 for the owner of eight major US newspapers and 23 TV stations. So the buzz word now is “domino” – how many more newspaper companies will take the fall now that Tribune has led the way? If Tribune had to do it because debt covenants couldn’t be adhered, then can the likes of McClatchy, let alone even the New York Times Company, be far behind?
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