Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

12 of 15
BACKNEXT
Recession hits newspapers
Recession hits newspapers
The recession has cut into advertiser budgets, pulling vital dollars from an industry already being squeezed. The owner of the LA Times and the Chicago Tribune -- the Tribune Co. -- filed for Chapter 11 bankruptcy protection at the end of 2008.

The bankruptcy filling was intended to lighten the company's debt load, which Tribune said it has been carrying since it went private at the end of 2007. Tribune has offered no timeline for its exit from bankruptcy, but it is operating normally during the process.

Among scores of other struggling media companies, the Sun-Times Media Group, which operates 59 newspapers throughout the country, filed for Chapter 11 protection at the end of March. The media group cites a drastic fall off in print revenue sales, a weak economy, and a tax burden wracked up by previous management as factors in the downfall.

The Sun-Times Media Group has been slashing costs, but operations continue as the company looks for a buyer.

NEXT: Vallejo, Calif.: Like state, like city

Last updated September 25 2009: 2:55 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
The Obama economy in 10 charts President Obama came to office in January 2009 in the midst of the Great Recession. Much has turned around since then, but he's been criticized for a slow recovery. More
Best Jobs in America CNNMoney/PayScale's top 100 careers with big growth, great pay and satisfying work. More
Top-paying jobs Anesthesiologists take home a median $335,000 in salary and bonus annually. What other great careers from CNNMoney and PayScale.com's list of Best Jobs in America offer hefty paychecks? More

Special Offer