The Tribune Company, publisher of the Chicago Tribune and the Los Angeles Times, in a Delaware court, after the company encountered difficulties meeting its significant debt payment obligations. The Trib says it has US$13 billion in debt versus $7.6 billion in assets. It has started to sell off various properties to raise cash, including the Chicago Cubs, but those are merely temporary measures that won't help the company in the long term.

The entire newspaper industry has been struggling with declining subscriptions and ad revenues.

The New York Times Company is against its fancy new Manhattan headquarters building as the company faces its own financial woes. The Times owns 58% of the 52-story building in Midtown Manhattan, which has no mortgage on it currently. The company has a pair of revolving lines of credit, each with a ceiling of $400 million. However, one of the lines expires in May and finding a replacement could be difficult given the industry situation and The Times' financial problems, not to mention the wider credit crisis. The move could buy the company enough time to figure itself out -- and maybe find itself a sustainable business model.

This is a smart move for the paper, if it can make good use of the cash. However, the continued lack of profits is very worrisome. If the New York Times can't figure out how to make money, other papers don't have a chance.