NEW YORK â€“ Media conglomerate Tribune Co. filed for bankruptcy protection Monday, as the owner of the Chicago Tribune, the Los Angeles Times, the Chicago Cubs and other properties tries to deal with $13 billion in debt.
Advertising revenue declined severely this year because of the recession, putting pressure on the Chicago-based company. Most of its debt comes from the complex transaction in which the company was taken private, with employee ownership, by real estate mogul Sam Zell last year.
Zell is a real estate mogul. His purchase of the Tribune Co. was akin to the woes of homebuyers who bought houses at the height of the real estate bubble.