New York Times, Tribune Company, NBC Announce Problems Monday

Three major media companies all revealed grim news Monday.

The Tribune Company announced it would be seeking bankruptcy protection:

Media conglomerate Tribune Co., smothered by $13 billion in debt and a drop-off in advertising, on Monday became the first major newspaper publisher to seek bankruptcy protection since the Internet sent the industry into a tailspin.

Most of the company's debt comes from the complex transaction in which the company was taken private, with employee ownership, by real estate mogul Sam Zell last year. Although Tribune's next major debt payment isn't due until June, the company has been in danger of missing financial targets set by its lenders.

The New York Times Company said it would try to ease a cash problem by borrowing up to $225 million against its mid-Manhattan headquarters.

The New York Times Company plans to borrow up to $225 million against its mid-Manhattan headquarters building, to ease a potential cash flow squeeze as the company grapples with tighter credit and shrinking profits.

The company has retained Cushman & Wakefield, the real estate firm, to act as its agent to secure financing, either in the form of a mortgage or a sale-leaseback arrangement, said James M. Follo, the Times Company's chief financial officer.

NBC Universal Chief Jeff Zucker told investors that he was considering scaling back the network's programming hours:

A terrible fall season at NBC is forcing the network to consider scaling back the number of hours it airs programming, Chief Executive Jeff Zucker told an investor conference Monday.

While NBC will continue to fund the creation of pilots, Zucker told analysts at a media investor conference sponsored by UBS that NBC is considering cutting the number of hours or perhaps even the number of nights it provides programming.

Comments

[schicklett3]

The internet has taken over newspapers - how many people really buy newspapers anymore? Many people have gone "green" - besides, the best news is online, and as an added bonus we don't have to listen to the talking heads and their opinions.
And, as for NBC, they have very few shows that are worthwhile to watch.

[HamletsMill]

Plus we can interact with each other by posting! We can scream at dorks and idiots and are fellow moronic Americans right here at the keyboard! Man, I love the smell of my computer heating up in the morning better than the smell of coffee.The only thing better would be that you could punch your fist into some kind of pad and bloody someone's nose in a Red State. I like the thought of that! More and better interaction! They have their religion and guns to hold onto in hard times. We have our keyboards. But, yes, more interaction! These dying newspapers should be working on that. Being on the Internet is better than the WWF and NASCAR combined! Yeehaww!

[dfairlee]

lest you forget, even the internet still needs "content" and content isn't free...

[GuyFawkes]

I only read the NYTimes and LA Times online now. I know a few old school people who still read the actual paper, but most people get their news in the morning by turning on their computer and sitting in front of it with their coffee. I don't know if that's sad or not, but it's reality.

[BamBamThankYouUncleSam]

After all they did for Obama maybe he will return the favor

[WLA]

That 24 hour Palin coverage worked out well for ya' diddin' it? *wink*

[Gunga-Din]

Good idea.

[Firbolg]

I watch MSNBC talking heads most evenings using TiVO - so fast forward through the ads and the segments I don't like.
I have noticed a lot of convergence and duplication with content and guests. They could save money by having one show - hosted by Chris Obermaddow perhaps?

[WLA]

Heh. I have had that same experience.

[Rural Juror]

Agreed. I think all the MSNBC writers do is read Huffington Post and regurgitate the content on their shows.
(LOL at "Chris Obermaddow!")

[Canukistani]

It seems that the media as big business doesn't work, nor should it. If the media is to serve any important purpose that isn't just some version of bread and circuses, it needs to be in the hands of people who care about reporting what's going on in the world and what it means.

There's certainly a place for bread and circuses too, but when they start to disguise themselves as journalism it's time to let the whole thing collapse under its own weight and try again with smaller leaner companies that have some kind of social conscience. No bail-out. There's nothing there worth saving.

[CheshireCat2]

MSNBC doesn't even have an HD status yet. Nor are they on XM/Sirius.

[MPeter]

Let them go down like titanics. For decades, they cannibalized us mercilessly with their propaganda; feeding us lies and choosing for us our leaders. Now we are able to fight back. The result? They are sinking fast!!!! Good riddance.

[Misha-in-Texas]

Yeah, and that s.ucks.

CNN is good during the day, but then you have that Glenn Beck/Lou Dobbs/Campbell Brown time. It may as well be Faux.

[CheshireCat2]

I would much rather listen to different points of view and since I leave here pretty early every day, I would rather have my finger nail pulled off one at a time than listen to FOX and Friends.

[WLA]

Glen Beck is ridiculous.

[AlwaysaLiberal]

CNN is a huge joke now. The only American news channel that works for me is MSNBC.

[Rural Juror]

NBC should have never cancelled Freaks & Geeks.

[alieninvader]

They would be like 40 now?

[MissTraci]

Not to worry, Freaks and Geeks can be found here...aka tro//s and brains

[InedaName]

With this news from NBC, the Screen Actors Guild may want to reconsider going on strike. Now is not the time. If people were fine with the auto industry going down in flames, there's probably not much sympathy for actors. Granted, the average actor only makes $10K a year.

[Misha-in-Texas]

I never did get back on a TV schedule after the writers strike. The actors strike would not be good for them now.

[alieninvader]

How much "America's Best Dancing Bachelor" can we watch?

[Questinia]

Maybe NBC can make the TV a hearth and air a loop of a burning yule log.

[RobertaInCT]

lol

[KO4Pres]

My feet are cold.

[roybattyjunior]

Frankly, I wouldn't mind seeing the NY Times disappear.­..their ivory tower sanctimony and condescension is nauseating. The irony is satisfying that they have to borrow against their just completed monument to their collective ego to survive. I remember in high school how the elitist rich kids would carry it around as some sort of intellectual fashion accessory. Most of these kids are in rehab now and in retrospect this talisman turned out to be a pseudo intellectual fashion accessory. And the NYT's writers past and present... Judith Miller, Thomas Friedman, Bill Kristol? Barf...Any­way, the Sulzberger's will be fine...bye­, bye NY Times :-)

[BamBamThankYouUncleSam]

Proof that telling l i e s is not profitable

[scandals-n-skeletons]

FOX is folding?

[Questinia]

No, anger and hate always sell.

[BamBamThankYouUncleSam]

folding up the competition and throwing them away

[WLA]

Fox would have folded on day two if that were the case. There are plenty of zombies out there that crave that dreck.

[BamBamThankYouUncleSam]

Fox is the leadind cable news network

[RuckHumper]

Only Fox is a legitimate news channel, the rest are tabloids.

[CheshireCat2]

The election bias was the worst I have ever seen.

[WLA]

Wah.

[parrotkisser]

It really was bad. Everytime I turned around, there was Sarah Palin.

[doctorwang]

Fox was no better....­the only difference was in who they backed.

[orangepetal]

Agree

[AlwaysaLiberal]

What? You mean the election bias for Sarah Palin?

[SabrinaFair]

Get ready for more reality TV shows. They cost nothing and will fill in the schedule nicely.

[TiaL27]

The Twelve Days of Bailouts: A Video for the Holidays

http://www.youtube.com/watch?v=55xJnIqq9ZI

[cjb83]

I bet Sam Zell wishes he wasn't connected to the Tribune Company now. It's a tough time for all traditional publishers when sites like the HP can deliver quality content for a fraction of the overhead. Interesting to learn more about Mr. Zell on his Evri profile page, maybe with the Cubs about to be sold, Mark Cuban can finally make his dream purchase?
http://www.evri.com/person/sam-zell-0x4c5cd.html?referring_entity_uri=/organization/tribune-company-0xb6c68

[myangeldog1]

So now Americans have to buy converter boxes to watch less T.V.?! Sounds about par for the course right now.

[MontanaHome]

Yes, unless they're already hooked up to cable (Comcast out here), in which case, they can get hundreds of channels..­.... and still nothing is on!

[Chibikim]

I really wish though that cable would give you the a la carte option. I have comcast but given the chance, FOX NOISE would be the first to go lol.

[myangeldog1]

We have Direct T.V. and STILL have to get the d a m n things !!

[KO4Pres]

What's that Bruce Springsteen song......­......."57 channels and nothin; on"......?­?

[scandals-n-skeletons]

The boxes are just "bigbrother" watching

[myangeldog1]

I'm going to stand in front of mine and moon 'em!! : )

[KO4Pres]

Yah, how'd they manage that one?