Tribune Co. - owner of 3 Pa. media properties - files Chap. 11

The Los Angeles Times reports:

The company that owns the Los Angeles Times, KTLA Channel 5 and the Chicago Tribune filed for bankruptcy protection today, seeking relief from $12 billion in debt that largely stems from last year's leveraged buyout of the media firm.

Tribune Co. directors approved the action to seek Chapter 11 protection in a meeting today, saying they want to restructure payments to banks and other creditors, following real estate magnate Sam Zell's purchase of the company last year.

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The company said it plans to file in Delaware, where it is incorporated.

Tribune Co. also owns The Morning Call of Allentown, Pa., WPHL-TV in Philadelphia, the MyNetworkTV affiliate, and WPMT-TV in Harrisburg.

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