Tribune Co. Files for Bankruptcy

Amazing that my old company where I summered during graduate school is filing for bankruptcy. It was bound to happen. The revenue pie for newspapers has been rapidly declining. With less than 5% of people's media consumption, even a couple years ago newspapers retained 30% of company ad spend. Didn't make sense when the Internet had almost 40% of media consumption but only about 5% of advertising dollars. Advertisers were expected to eventually catch on. More from the NYTimes here.