L.A. Times parent company files for bankruptcy protection

 Powered by Max Banner Ads 

The L.A. Times has fired or laid off, or in some cases “retired” many of their best reporters this year.  And things just got worse.  The Time’s parent company, the Tribune Co., which also owns KTLA Channel 5 and dozens of other daily newspapers and television stations across the country, “filed Monday for bankruptcy protection from creditors, in the latest indication of deteriorating economics for the news business,” according to the L.A. Times.

The reason given for the bankruptcy filing is that the owner of the Tribune Company, Chicago real estate entrepreneur Sam Zell (pictured above), borrowed $12 billion in order to buy the company.  And he is a real estate guy, so you know he is hurting as we struggle through the Bush Depression.

I wonder how much longer we will be able to enjoy real newspapers, in print? Five years perhaps?  By the time my kids finish college newspapers will be fully digital, and my guess is that we will read them on our phones and other hand held devices.  Life will go on, but it just won’t be the same.

I worked at the O.C. Register several times when I was younger.  I was a graphic design assistant.  I also worked in their production department and I sold advertising for them.  I was very good at that, but thank God I moved on to other things.  Advertising salespeople at newspapers are on the extinction list now.  As are most of their peers.  So sad.

I get the Register daily and both the Register and the L.A. Times on Sundays.  I love reading them both.  The Times in particular is just so well written.  Too bad they don’t do a better job of covering Orange County.  A merger of the L.A. Times and the O.C. Register would make a lot of sense…

About Admin

"Admin" is just editors Vern Nelson, Greg Diamond, or Ryan Cantor sharing something that they mostly didn't write themselves, but think you should see. Before December 2010, "Admin" may have been former blog owner Art Pedroza.