The newspaper industry is in serious trouble and Tribune Company is the most recent casuality. Tribune Company, which currently holds a slew of newspapers, publications and television stations, has filed for Chapter 11 bankruptcy to offset its nearly 12 billion dollar debt, said Market Watch. Tribune Company is the parent company of the Chicago Tribune and also holds Newsday as well as television stations and interactive properties. The Chicago Cubs franchise, which is held by the company, was not included in the filling.
The filing likely will not affect casual watchers or readers. The company released a statement which attested to the fact that there will be no interruption in service, as of right now, and rather the company is working on restructuring and reorganization in accordance to Chapter 11 rules and regulations, but the filling means bad things for the newspaper and media industry.
Newspapers and media publications have been floundering for several years with a drop in readership largely attributed to the rise of the internet, but the economic state of the U.S has created a larger problem for such companies. Newspapers largely rely on money from advertising revenue to stay afloat and as companies begin to tighten the belt to stay afloat in the floundering economy advertising and marketing budgets are being slashed. Newspapers simply are not getting the ad revenue they once were and combined with a drop in readership and subscriptions the industry is feeling the burn.
What likely will happen is smaller publications will find themselves slashed from the companies payroll, as they attempt to reorganize their debt. Newsrooms will be most effected as lay-offs are likely. Last month the Star Ledger, a large circulation paper in the New Jersey area, let go a number of reporters and reassigned others to far lower positions and pay scales in an attempt to starve off extinction.
Readers might find themselves heading to the internet more than they already are with many local publications going “online only”. The online editions of paper have a far better prospect as the market for online and web content is growing, but it doesn’t mean anything good for the people who have lived their entire lives for print publications and it’s likely disturbing for the older generation who still relies on the print medium for their news. Top Rated Bankruptcy Lawyers in San Diego, CA will provide all the essential information of the case and documents to the person. The solving and receiving of the payment will be according to the case of bankruptcy.
As a freelance writer, my education was largely based on print media. When one takes up journalism as a major or wishes to get involved with it as a career, his or her mind automatically goes toward print publications and many programs continue to train writers for print publication. I must admit I am concerned by this most recent news. While I spend a good time of my day writing web content I still love the print medium and am not yet ready to see it go just yet, but that looks as though were we are headed in this strained economy.
