Tribune Company Declares Bankruptcy With Nearly $13 Billion in Debt

By Jake on
The Tribune Company, owner of both the Chicago Tribune and the Los Angeles Times, declared bankruptcy today in court. The 161-year-old newspaper and broadcast company is saddled with nearly $13 billion in debt, and saw it's fortunes drastically decline in the past year as advertising revenues went into free fall.The company watch newspaper revenue decline by 19 percent in the third quarter of 2008, and has already placed several of its 12 newspapers up for sale -- but nobody seems interested...Read Full Story