We might have to consider reading the morning industry headlines with a bottle of Wild Turkey within reach, because the new continues to be bad for the newspaper industry. The weekend saw even more developments.
It’s a festival of pain out there. A round-up, for as long as we can stand it:
Sam Zell’s Tribune Co., which owns papers like the Los Angeles Times, the Chicago Tribune and the Baltimore Sun, considers a Chapter 11 filing for as early as this week.
Many said they overpaid, and now the McClatchy folks are putting the Miami Herald up for sale. Potential buyers could be scarce.
The New York Times Co. is going to borrow up to $225 million against it’s shiny new Manhattan office building, as one of its lines of credit is set to expire in May.
Major ad firms on Madison Avenue are expected to lay off more people in 2009.
Meanwhile, U.S. ad spending is expected to drop anywhere from 3 percent to 6 percent in the coming year.