Monday, December 8, 2008

Tribune Co. ponders bankruptcy

Media giant Tribune Co., saddled with billions in debt since it became a privately-held company last year, has hired bankruptcy advisers, according to its flagship newspaper, the Chicago Tribune.

The Chicago-based company owns a coast-to-coast empire with television stations and newspapers in most of the nation's largest cities. Its holdings include the Los Angeles Times; cable television superstation WGN in Chicago; the Baltimore Sun; and WDCW-50 in Washington, the CW affiliate. The company even owns the Chicago Cubs.

Tribune assumed some $13 billion in debt when real estate mogul Sam Zell engineered an employee-owned transition to private ownership one year ago this month. Hopes were high among employees that the company could be re-engineered to be a news company of the 21st century.


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