Chicago Sun-Times Files For Chapter 11

The Sun-Times Media Group, which publishes the Chicago Sun-Times newspaper, said this morning that it had filed for bankruptcy protection.

From Dow Jones:

Sun-Times Media Group Inc. (SUTM) has filed for bankruptcy protection, the latest casualty of an extended advertising slump that is reshaping the newspaper industry.

It joins other media companies such as Tribune Co. (TRBCQ), the Chicago-based publisher of the Los Angeles Times and Chicago Tribune, which filed under Chapter 11 late last year after it was unable to cover interest on bank debt it picked up as part of Sam Zell’s takeover of the company.

The newspaper industry has seen bankruptcy filings, asset sales, layoffs and other cost-cutting moves this year as the economic downturn worsened already-declining ad sales. The ad slump has deepened since late last year, spreading to television broadcasters and Internet media sites.

Sun-Times Media operates 59 newspapers and related Web sites, including the Chicago Sun-Times.

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One Comment on “Chicago Sun-Times Files For Chapter 11”

  1. Amy Says:

    I was a little sad when I saw this earlier today. I knew they were having problems and doing a lot of downsizing- but I don’t know what I would do without my Sun Times! My morning routine would go to crap…

    http://secondcityrandomness.wordpress.com


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