12-08-2008, 03:20 PM
<!--quoteo-->QUOTE <!--quotec-->Media conglomerate Tribune Co., pressured by high debts, has filed for bankruptcy protection.
In a news release, the company said the Chicago Cubs franchise, including Wrigley Field, was not included in the Chapter 11 filing. Efforts to monetize the Cubs and its related assets will continue, the company said.
"Over the last year, we have made significant progress internally on transitioning Tribune into an entrepreneurial company that pursues innovation and stronger ways of serving our customers," Zell said in the release.
"Unfortunately, at the same time, factors beyond our control have created a perfect storm -- a precipitous decline in revenue and a tough economy coupled with a credit crisis that makes it extremely difficult to support our debt," he said.<!--QuoteEnd--><!--QuoteEEnd-->
Here is the full piece. Tribune
In a news release, the company said the Chicago Cubs franchise, including Wrigley Field, was not included in the Chapter 11 filing. Efforts to monetize the Cubs and its related assets will continue, the company said.
"Over the last year, we have made significant progress internally on transitioning Tribune into an entrepreneurial company that pursues innovation and stronger ways of serving our customers," Zell said in the release.
"Unfortunately, at the same time, factors beyond our control have created a perfect storm -- a precipitous decline in revenue and a tough economy coupled with a credit crisis that makes it extremely difficult to support our debt," he said.<!--QuoteEnd--><!--QuoteEEnd-->
Here is the full piece. Tribune