Tribune to File Bankruptcy

The reports are official, the Tribune Company, owner of the Los Angeles Times and other media outlets, will file for Chapter 11 bankruptcy, according to an email from Sam Zell today. He explains:

I am proud of the work we have done at Tribune in the last year. I’ve seen
strong determination to take hold of this company and put it on a new
course. As a result, we’ve reduced costs, gained market share, and laid the
groundwork for creating a new business model out of traditional media. This
restructuring will give us the time we need to build that model, to secure
sustainable and growing cash flow, and to achieve the success the talented
partners in this company deserve.