Tribune Co., the multimedia company that owns The Sun-Sentinel and The Orlando Sentinel officially filed for bankruptcy this morning.
In recent days, as Chicago-based Tribune continued talks with lenders to restructure its debt, the newspaper-and-television concern hired investment bank Lazard Ltd. as its financial adviser and law firm Sidley Austin to advise the company on a possible trip through Chapter 11 bankruptcy, people familiar with the matter say.
Tribune owns eight major daily newspapers, including the Los Angeles Times, Chicago Tribune and Baltimore Sun, plus a string of local TV stations.
The Newspaper apocalypse is now upon us. We'll just have to see which of the local gray not-quite-ladies falls first.
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