Tribune Company Files For Chapter 11

Consider it an update of my earlier post.

$13 billion in debt and $7.6 billion in assets is no way to go through life son.

"So, how did we get here? It has been, to say the least, the perfect storm," (Owner Sam) Zell wrote. "A precipitous decline in revenue and a tough economy have coupled with a credit crisis, making it extremely difficult to support our debt. All of our major advertising categories have been dramatically impacted."

There's nothing about their craptastic journalistic performance, especially at the LA Times. I wonder why.

Whether it's a media company, a financial institution or an automaker, it's funny how their failed business always seems to be someone else's fault. Maybe the harsh cost of failure will make room for some people who actually keep their eye on the ball and provide products and services at a price people are willing to pay. I'm no business school major but I'm pretty sure that's the key to success. If you can't deliver on that simple idea maybe you need to go away for everyone's long term good.

posted by DrewM. at 03:00 PM

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