Tribune Company on Verge of Bankruptcy

There are reports tonight that the Tribune Company has retained top dog Chicago lawyers Sidley & Austin to advise the company about avoiding bankruptcy. The Tribune Company owns the Chicago Tribune, the Cubs, and The Los Angeles Times and The Baltimore Sun.

As annoyed as I’ve been with the Tribune over the years–the Bush endorsements, the “if it bleeds it leads” style of journalism–the Trib is a fixture in the city and the employer of some very fine critics, including Blair Kamin, its architecture critic. It would be terrible for anyone interested in a vibrant press to lose any of the company’s papers. Everybody jumps on print newspapers as dinosaurs in the Internet age, but there’s no way any existing Internet news outlet can make up the difference for the loss of the Chicago Tribune or the LA Times.

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