The Tribune Company Is Bankrupt
Hamilton Nolan · 12/08/08 02:42PMThe Tribune Company, owner of the LA Times and Chicago Tribune, has filed for bankruptcy. Bummer. Pretty much everyone saw this coming. The company is $12 billion in debt, its revenues are going steadily downward, it's been having round after round of layoffs, and it's run by an angry (but honest!) billionaire gnome and a Ron Jeremy doppelganger of questionable sanity. Its papers will keep publishing, but working journalists are sure to get even more royally screwed before this is all over—their pension plan actually owns the company. Key details below: