Tribune Company Files for Bankruptcy Protection

Frank Ahrens, The Washington Post: "Media giant Tribune Co., saddled with billions in debt since it became a privately held company last year, filed for Chapter 11 bankruptcy protection in a Delaware court this afternoon, becoming the first major newspaper or chain to declare bankruptcy in modern history. The move will allow Tribune to stay in business while it seeks better terms from its creditors. The Chicago-based company owns a coast-to-coast empire with television stations and newspapers in most of the nation's largest cities."

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