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The Los Angeles Times newspaper building is seen as its parent Tribune Company files for bankruptcy-court protection, December 8, 2008 in Los Angeles, California. The Tribune Company, which owns the LA Times, Chicago Tribune, other newspapers, television stations, the Chicago Cubs and Wrigley Field, is $13 billion in debt. Most of its debt comes from a complex transaction last year by real estate mogul Sam Zell to make the company private. Since then, the recession, increasing online readership, and severe reductions in advertising have pushed the company deeper into financial instability.
If you're from L.A., the Tribune Company has probably played some kind of role in how you get the news. Tribune owns the L.A. Times, several other local newspapers and KTLA channel 5, and outside of California, it owns dozens other television stations and newspapers including the Chicago Tribune.
But now the Tribune is expected to sell some of its assets. The company just emerged from bankruptcy on New Year's Eve, in fact. Media analysts predict it will try to streamline its business.
Joining us now is Andrea Murphy who covers privately-held companies for Forbes.