Tribune files for bankruptcy
The Wall Street Journal and CNBC are reporting that the Tribune Co. filed for bankruptcy. From Bloomberg:
Tribune Co., publisher of the Chicago Tribune and Los Angeles Times, sought bankruptcy court protection from creditors amid declines in advertising sales. The company, acquired last year by investor Sam Zell for $8.3 billion, listed assets of $7.6 billion and debt of $12.13 billion on a Chapter 11 petition filed today in U.S. Bankruptcy Court in Wilmington, Delaware.