The Tribune Company filed for Chapter 11 in Delaware on Monday. This media powerhouse owns 23 TV stations, 12 newspapers that include The Los Angeles Times and The Chicago Tribune, and the Chicago Cubs baseball team. Tribune owner and billionaire real estate investor, Samuel Zell, states in court documents that his company is nearly $13 Billion in debt with $7.6 billion in assets.
This comes at a time when bad news for the newspaper industry is the norm versus the exception. As advertising continues to drop and circulation continues to decline, newspapers are finding it harder to stay in business.