Sunday, December 7, 2008

Tribune, Miami Herald, Rocky Mountain News in the news -- for bad news

Word is that the Tribune Co. has hired bankruptcy advisers in an effort to guide its deepening financial gloom. 

Scripps Howard has put the venerable Rocky Mountain News on the block, saying that if it doesn't get a buyer by next month, it will "explore other options," leading to speculation that the Denver newspaper might be shut down. This AP story outlines other newspapers on the market.

Finally, McClatchy is reportedly shopping the Miami Herald after totally botching its takeover of the once-proud Knight Newspapers chain.

A lot of the problems can be directly traced to the credit crunch. Owners of both the Tribune and McClatchy went heavily into debt buying the media properties. Add the advertising slump following the economy, and you find a dismal business environment.

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