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.
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.