Tribune Co Files Chapter 11

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Tribune Co., which owns the LA Times, filed Chapter 11 bankruptcy protection today. The WSJ reports on the "high-profile gamble by billionaire real-estate mogul Samuel Zell," an $8 billion endeavor in the midst of hemorrhaging advertising dollars: "The newspaper industry is on pace to have its worst year on record. The industry's advertising revenue through the first three quarters of 2008 is about 21% below levels just two years ago." Zell told the paper: "What precipitated the filing was a huge erosion in revenue and a total lack of visibility going forward...That's a tsunami you can't swim up against." [WSJ]