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Revolving Door Newsletter: 12.09.08
Tribune Co. Goes Bankrupt, NYT To Follow?December 9, 2008
There's lots more trouble in the world of newspapers: Sam Zell's struggling Tribune Co. filed for Chapter 11 bankruptcy protection, attributing it to a "perfect storm" of conditions in the media world. (Zell, of course, says he saw this coming before the financial meltdown, which begs the question as to why he didn't do anything to prevent the disaster.) Los Angeles Times staffers are worried about whether their checks will clear, while it remains to be seen if "grave digger" Zell -- who helped drive this whole mess through his leveraged purchase of the company -- can escape the debacle ...