Monday, December 8, 2008

Tribune (Almost) Toast, New York Times Next?*

Tribune was toast the moment Sam Zell loaded it up with $13 billion of debt. That it may file for bankruptcy, therefore, comes as little surprise. (Read this early prognosis from Alan Mutter if you doubt that sane industry observers saw this coming).

More startling over the past year has been the collapse of the New York Times (NYT). The New York Times Company has a $400 million debt payment due in five months, and management has not yet explained how it plans to meet this. The company is nearly out of cash, its operations are now burning cash, and its attempts to sell assets have, so far, been unsuccessful.

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