The Tribune Company became the first “major newspaper or chain to declare bankruptcy in modern history” on Monday.
Tribune, which owns several television stations and newspapers including WGN and the Los Angeles Times, filed for Chapter 11 bankruptcy protection Monday afternoon, allowing it to “stay in business while it seeks better terms from its creditors.” Tribune is $13 billion dollars in debt.
The Chicago Cubs, which have been up for sale for over a year, “are not included in the bankruptcy filing.”
In a letter to advertisers, Tribune says it will continue to remain in business with the sports teams it works with currently. In a statement, the Chicago Cubs said that the sale of the team will be unaffected by the Tribune announcement, and that “[it] is business as usual at Wrigley Field.”
