Outlook worsens for Tribune*
More bad news for the company that owns a lot of Los Angeles media property, including the Los Angeles Times, KTLA Channel 5, Hoy, Metromix and various community newspapers. From the Wall Street Journal:
Tribune Co. is preparing for a possible bankruptcy-protection filing as soon as this week, according to people familiar with the matter, opening a new front of trouble for the newspaper industry. As Tribune continues discussions with its lenders to rework its debt load, the newspaper-and-television concern in recent days has hired Lazard Ltd. as its financial adviser and a legal counsel for a possible trip through bankruptcy court, according to people familiar with the matter. A Tribune spokesman said the company doesn't comment on rumors or speculation. A Lazard spokesman didn't immediately respond to a request for comment.
*Update from The Times' story by James Rainey: "Revenue declines have been dramatically worse, even over the last couple of weeks. It's just really rough," said the Tribune executive, who declined to be named because he was not authorized to speak publicly about the company. "A number of advertisers just don't have the money to spend right now.... Some advertisers are still pushing to get through the holiday season, but when others look to cut discretionary spending, we are right at the top of the list," the executive said.