Internet killed the newspaper, you say? Ha! More like leveraged debt and corporate greed. Get this, courtesy of the Wall Street Journal. As of last month Tribune Company has spent over $150 million dealing with its bankruptcy proceedings–stemming from Sam Zell’s supremely leveraged buyout of the company in 2007.
The lawyers, advisers and bankers working on the media giant’s case were paid $10.24 million in fees and expenses from March 28 to April 24, bringing Tribune’s total bill since its 2008 filing to $157.65 million, according to papers filed this week with the U.S. Bankruptcy Court in Wilmington, Del.
More proof that Reaganonmics is the most destructive force in media.
And yet despite all its up against, the LA Times continues to rebound. Just imagine what the paper would be like if human beings owned it.