TROUBLING TIMES AHEAD. The Tribune Co., the second largest US newspaper publisher in terms of revenue and the third in terms of circulation, filed for bankruptcy Monday in the latest blow to the struggling newspaper industry — according to AFP, as reported on Google News.
The media giant is the owner of the Los Angeles Times, the Chicago Tribune, Baltimore Sun, Orlando Sentinel, Hartford Courant and several other papers. It also operates 23 television stations.
“…factors beyond our control have created a perfect storm — a precipitous decline in revenue and a tough economy coupled with a credit crisis that makes it extremely difficult to support our debt.”
“Like many US newspapers, the Tribune has been grappling with declining circulation, a loss of readership to online media, and a steep drop in print advertising revenue.
“The New York Times reported last week that another debt-ridden major US newspaper chain, the McClatchy Co., is seeking to sell one of its flagship newspapers, The Miami Herald.
“And the New York Times itself has not been immune to the crisis gripping the newspaper industry. The paper reported Monday that the New York Times Co. plans to borrow up to 225 million dollars against its mid-Manhattan headquarters building to ease a potential cash flow squeeze.”
September Update: See also “Dow Jones shutting down FEER” and “Journalists Losing Jobs at Three Times Rate of Average Workers“.
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