Tribune Company Facing Bankruptcy
With the announcement this week that the Tribune Company was
facing a possible bankruptcy many wondered what this meant
for newspaper journalism. There has long been talk of a
revolution in the news industry, and with this announcement
it would seem that it may just be upon us.
First we saw it with the banks and that they had to learn to
change the way they do business. Then we saw it with the
auto industry, and now we see it in the news business. It is
simply because there are other options available now, and
the younger generation is taking advantage of them. Mostly
we see it in the internet, where anyone can get the latest
news – just a click away. It used to be that you drove down
the street early in the morning and you saw newspapers in
everyone’s driveways – now it is the glow of a computer
screen from inside the house.
Add to this change in news getting a recession, a credit
crunch, the inability to get raw materials and you have the
recipe for a debt problem with a major news leader. Some
think that this is localized to Detroit, but the company
owns newspapers and television stations all over the
country. For instance, they also own the Orlando Sentinel,
which is thousands of miles away.
Would a debt consolidation help the company? Perhaps, and a
debt management plan as well. But the problem is not just
about the amount of debt that is coming in, it is about the
fact that there needs to be a change in the newspaper
industry and it needs to happen fast – or a debt
consolidation or any other steps are going to happen too
late.
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