“The owner of the Chicago Tribune and Los Angeles Times has been hit by the industry-wide slump in newspaper advertising revenues throughout 2008. Tribune is owned by real estate billionaire Sam Zell, who borrowed heavily to buy the firm in June 2007. Under US Chapter 11 bankruptcy protection law a firm can keep trading while it aims to sort out its finances.” (Read more from news.bbc.co.uk)
I’m a blogger. Hear me roar!
See Also:
–Newspapers Struggling, Profits drop 20%