Monday, December 8, 2008

Out of Control

Today's distressing but hardly unexpected news:

The Tribune Co., owner of the Chicago Tribune, the Los Angeles Times and other papers is preparing for bankruptcy. According to several news sources, it has hired an investment bank and legal firm with experience in bankruptcy.

This comes on the heels of last week's announcement that the Rocky Mountain News is for sale, but the deadline for the sale and the fact that the paper is losing money big time make it seem unlikely that such a sale will occur. If not, the paper is expected to close.

As someone who has read both the Rocky Mountain News and the Denver Post for 30 years or more -- and I prefer the Rocky -- it is troubling news. But anyone who pays attention to journalism's problems has wondered how a moderately sized city like Denver has managed to maintain two competing daily papers for so long. Most cities went to a single paper long ago.

There's been talk for several years that one of the papers would close -- or perhaps stop putting ink on paper and become an entirely online product. I hope the Rocky finds a way to continue online, at least. As Colorado's oldest newspaper -- and according to one news story I read, perhaps the state's oldest continuously operating business -- it would be a shame to see it go.

As for the Tribune Co., it has been on the ropes for a long time. Most people I talked to doubted whether a real estate guy like Sam Zell could turn it around when he bought it a couple years ago. Apparently he couldn't, at least not in this economy.

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