Sunday, December 7, 2008

Report: Tribune Preparing for Bankruptcy Filing

The Wall Street Journal is reporting Tribune Co. is preparing for a possible bankruptcy-protection filing as soon as this week, according to people familiar with the matter.

The financially fragile company has been fighting a tough advertising market and a big debt load since Chicago real estate titan Sam Zell took the company private last year.

Sources familiar with the matter tell the Wall Street Journal that Tribune Co., with television and newspaper interests across the country, hired Lazard Ltd. as a financial adviser.

A Tribune spokesperson told the Journal the company doesn't comment on rumors or speculation.

Tribune Co. was one of several newspaper and television companies to announce layoffs last week due to the struggle economy.

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