How soon before they ask for a bailout?

Tribune Company, which owns among other properties the Los Angeles Times and KTLA Channel 5, has filed for bankruptcy. While I’ll feel sorry for any employees who lose their jobs (other than the left-liberal editors who made the Times an arm of the Democratic Party), I can think of few more deserving companies. The LA Times stopped being a real newspaper years ago when it shed any pretense of objectivity in its new coverage.

Of course, this isn’t a close-the-doors Chapter Seven bankruptcy, but a plea for protection in order to reorganize under Chapter Eleven. Still, the LA Times, like many newspapers around the country, is losing subscribers, which leads to lost advertisers, which means lost revenues. The industry has been in a downward spiral for years, now, and I fail to see how any reorganization can save the Times: no matter how it restructures its debt, the cash still isn’t coming in. Perhaps some White Knight can save the paper by returning its news coverage to a semblance of balance and turning its editorial direction back toward the center and thus making it relevant to peoples’ lives, but I doubt it. It’s too easy to get the information one wants off the Internet, free and unfiltered by the ideological gatekeepers at 1st and Spring.

In the end, I wonder if it would really matter if the Los Angeles Times went away?

LINKS: Ed Morrissey.

 

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2 Responses to How soon before they ask for a bailout?

  1. Steve in TN says:

    Tribune Corp is only the tip of the iceberg. McClatchy, Scripps, NYTimes, Gannett… They are all teetering on the brink. The housing and auto industries are the two biggest advertisers for newspapers. Combine that with accelerating subscription declines and you have a very volatile situation. And print isn’t the only media feeling this: broadcast TV is next to fall if print does. Cable will follow soon on broadcast’s heels.

  2. Egon Spengler says:

    Print is dead.

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