Sun-Times Media Group Inc., owner of the Chicago Sun-Times and many suburban newspapers, today voluntarily filed for Chapter 11 bankruptcy protection with the aim of reorganizing operations, settling a tax liability and making the company fit for a buyer. The petition was filed with the U.S. Bankruptcy Court in Delaware. Chairman Jeremy Halbreich said the filing was a difficult decision but essential for the company “to re-establish itself as a self-sustaining, profitable operation. That is worth fighting for.”
His overriding goals are to sustain the company’s print and online news operations while “preserving as many jobs as possible,” he said.
That may be easier said than done as the company owes $608 million to the IRS. But as Gawker stated, at least they won the Chicago print war since the Chicago Tribune’s parent company went under a while ago.
Perhaps closer to home for some of you with sticky pages in your possession, KING will be closing shop, apparently not even releasing a final issue. One of the leaders in bosoms, booty & shiny pages, it’s tough to see them go because they did sustain themselves for so long. That plus some of us here did put in work with the online edition, thus there’s some relationships there. But with The Cooler & the prevalence of free pron these days, it was bound to happen.
Now, I just have to figure out what I’m going to switch JM’s prison subscription to.
Previously Posted — Belated Bereavement For Blender