Tribune Co. files bankruptcy--NY Times

"The Tribune Company filed for bankruptcy protection in a federal court in Delaware on Monday, as the publisher of newspapers like The Los Angeles Times and The Chicago Tribune struggled to cope with rising debt and falling ad revenue.

• Tribune, which was acquired last year by billionaire real estate investor Samuel Zell, had hired bankruptcy advisers like Lazard and the law firm Sidley Austin in recent weeks as it negotiated with creditors over debt covenants. (Read the bankruptcy petition here.)"...via Poynter.org/Romenesko

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