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Tribune Co. files for bankruptcy protection

Updated: December 8, 2008, 11:53 PM ET
Associated Press

NEW YORK -- Tribune Co. -- owner of the Los Angeles Times, Chicago Tribune, Baltimore Sun and other dailies -- filed for Chapter 11 bankruptcy Monday, the first major newspaper publisher to take such a step since the Internet plunged the industry into a desperate struggle for survival.

The media conglomerate was smothered by a drop-off in advertising and a crushing $13 billion in debt from the company's takeover a year ago by Chicago real estate mogul Sam Zell.

Chapter 11 would buy ...

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