Tribune in trouble

chicago – Media conglomerate Tribune Co. filed for bankruptcy protection Monday, as the owner of the Chicago Tribune, the Los Angeles Ti...

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chicago – 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 transaction in which the company was taken private, by real estate mogul Sam Zell last year.

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