Monday, February 23, 2009

Philly newspaper owner latest to file Chapter 11

The downward spiral of advertising revenue and circulation, coupled with rising debt, has claimed two more newspaper companies in a two-day span.

The owner of Philadelphia's two major daily papers filed for Chapter 11 bankruptcy protection Sunday in an effort to restructure its increasing debt load. The move comes a day after the Journal Register Co. sought protection.

The filings are the latest blow to a staggering industry. The Chicago-based Tribune Co. sought bankruptcy protection in December, and The Star Tribune of Minneapolis followed suit last month.

On Sunday, Philadelphia Newspapers Inc., the owner of The Philadelphia Inquirer and Philadelphia Daily News filed, citing debts of $390 million.

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