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TRIBUNE FILES FOR CH. 11 BANKRUPTCY PROTECTION; Cubs Not Included In Filing
paidContent — Tribune has filed for Chapter 11 protection this morning, in bankruptcy court in Wilmington, Delaware. This comes after the news yesterday that the debt-laden newspaper company and owner of LA Times and Chicago Tribune had hired investment bank Lazard and the law firm Sidley Austin to try and help in this process. From the company release about the filing: -- The company will continue to operate its media businesses during the restructuring, including publishing its newspapers and running its television stations and ...

Tribune Chapter 11 Bankruptcy Filing: Includes LA Times
PR News: — ... Tribune Co. is in $13 billion of debt and most of this comes from a complex transaction when Sam Zell took the company private in 2007. You can read the full details in the Tribune’s press release here. ...

TRIBUNE FILES FOR BANKRUPTCY
Lost Remote — ... company that pursues innovation and stronger ways of serving our customers,” said Zell, chairman and chief executive of Tribune Co. “Unfortunately, at the same time, 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.” In a court filing, Tribune said it had nearly $13 billion in debt, compared to $7.6 billion in assets. Press release here. ...

Off Topic: Trouble Rocks Major Newspapers [GigaOM]
GigaOM Network — ... These are dark days for the media business, with many traditional media owners caught in the intergalactic shift to online from off. This is going to kill a lot of newspapers. Among the latest developments, Tribune Co., parent company of the Chicago Tribune, LA Times and others (and owner of the Chicago Cubs), ...

Print Media Deathwatch: Tribune Files For Bankruptcy
Podcasting News — ... Chicago-based Tribune Co. filed for Chapter 11 bankruptcy protection today. The publisher of the Chicago Tribune, Baltimore Sun and Los Angeles Times cited a $13 billion debt load and a “perfect storm” of declining advertising revenue in a worsening economy, which led to today’s filing. ...

Tribune Bankruptcy: Beginning of a Wave?
Screenwerk — ... The Tribune Co., which owns the Chicago Tribune, the LA Times and 23 TV stations, among other assets, filed Chapter 11 today: While the company has sufficient cash to continue operations, to supplement its cash availability in the event of even more significant declines in its operating results, the company has negotiated an agreement with Barclays to maintain post-filing its existing securitization facility. Barclays has also agreed to provide a letter of credit facility. The company expects to submit these agreements to the Court for approval as ...