USA: Tribune Co. bankruptcy filing unnerves L.A. Times workers

Record ID: 243534

  • Title: USA: Tribune Co. bankruptcy filing unnerves L.A. Times workers
  • Date: 9th December 2008
  • Summary: CLOSE UP OF WINDOWS OF LA TIMES SHOWING NEWSPAPERS
  • Embargoed: 24th December 2008 12:00
  • Keywords:
  • Location: Usa
  • Country: USA
  • Topics: Communications,Economic News
  • Reuters ID: LVA94X7MIBTMEUGRA7UUXFP74OCD
  • Story Text: The Tribune Co, the owner of the Los Angeles Times and the Chicago Tribune, has filed for Chapter 11 bankruptcy protection after struggling under a heavy debt load, according to a court document filed with the U.S.
    bankruptcy court in Delaware on Monday.
    The privately held publisher of the Chicago Tribune and Los Angeles Times, which took on about 13 billion dollars (USD) of debt when it went private last year under a deal led by real estate mogul Sam Zell, said in the filing that it had 7.6 billion dollars in assets and 12.97 billion dollars in debt as of December 8.
    Tribune is the latest big name in the newspaper business impacted by the economic recession. The publishing giant is under pressure from declining advertising revenue and circulation as more people get news online and as companies cut their marketing budgets because of the limping economy.
    Outside the L.A. Times building in downtown Los Angeles, workers found the news of the bankruptcy filing unsettling.
    "Everybody on this street, including you, is worried about losing their job, for sure," explained longtime Los Angeles Times sports writer Bill Dwyer.
    "Especially in the climate that is happening right now," added fellow Los Angeles Times employee Dwayne Rogers. "If you're losing your job, good luck trying to find a job. It is not a good situation."
    The filing does not include Tribune's Chicago Cubs Major League Baseball team, or their storied ballpark, Wrigley Field. Tribune has been trying to sell both.
    It had already sold the Newsday newspaper on New York's Long Island to Cablevision Systems Corp.
    Besides newspapers, Tribune also owns 23 television stations, which are expected to be hit by the typical advertising declines that follow major elections -- such as the 2008 presidential contest -- when political spending virtually disappears.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: Video restrictions: parts of this video may require additional clearances. Please see ‘Business Notes’ for more information.
Register