Death of the Dailies: How long before we lose the Star Tribune?
Earlier, we mentioned a Chicago firm's prediction that "several [major cities] could go without a daily print newspaper by 2010."
Today we learn that the Miami Herald is being put up for sale by McClatchy.
Considering that the Star Tribune is now apparently owned by debtors, including the badly faltering Credit Suisse, it's a good bet the Strib will not survive this dire prediction if it comes to pass.
Will the federal government bailout media the way it's considering bailing out the auto industry? Don't count on it.
Tribune has hired bankruptcy advisers as the ailing newspaper company faces a potential bankruptcy filing, people briefed on the matter said.
The newspaper, which was taken private last year by billionaire investor Samuel Zell, has hired advisers including Lazard and Sidley Austin, one of its longtime law firms, these people said. Tribune has been hobbled by debt related to that sale last year, which has been compounded by the growing drought of advertising for newspapers.
It is only the latest -- and biggest -- sign of duress for the newspaper industry yet. Several newspaper companies have struggled to cope with declining revenues and mounting debt woes. Tribune has pared back the newsrooms of many of its papers, including The Chicago Tribune, The Los Angeles Times and The Baltimore Sun, and it sold off Newsday to Cablevision's Dolan family earlier this year.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you’ll never miss City Pages' biggest stories.