The Tribune Co. filed for bankruptcy today in order to “restructure its debt.” This is huge, because the Tribune Co. owns several newspapers, including the Chicago Tribune and the Los Angeles Times, and other TV stations. The Chief Executive, Sam Zell, says the company’s operations will not be affected by the filing.
“This filing is all about relieving the pressure on the company from too much debt. We believe we can operate normally…If we do our job well, the impact on advertisers will be non-existent.”
Still, it’s no question the newspaper industry is hurting. We keep hearing about their huge cuts. So, will we see the end of newspapers soon? Are they just going to switch to online and new media? I don’t think it’ll happen soon. But, is it really bizarre to have a world without newspapers?
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