The Chicago Tribune on the brink

The debt-ridden company has hired bankruptcy advisors, according to a Tribune report. The New York Times weighs in with the following:

It is only the latest — and biggest — sign of duress for the newspaper industry yet. Several newspaper companies have struggled to cope with declining revenues and mounting debt woes. Tribune has pared back the newsrooms of many of its papers, including The Chicago Tribune, The Los Angeles Times and The Baltimore Sun, and it sold off Newsday to Cablevision's Dolan family earlier this year.

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