Sunday, December 07, 2008

If It Wasn't For Those Meddling Bloggers

Obviously the existence of quality journalism - local and national - is necessary for a well-functioning democracy, but the survival of any individual institution isn't so important.

The Tribune Company, the newspaper chain that owns The Chicago Tribune and The Los Angeles Times, is trying to negotiate new terms with its creditors and has hired advisers for a possible bankruptcy filing, according to people briefed on the matter.

Tribune is in danger of falling below the cash flow required under its bonds, but it is not clear how seriously Tribune is thinking about seeking bankruptcy protection. Analysts and bankruptcy experts say that the hiring of advisers, including Lazard and Sidley Austin, one of the company’s longtime law firms, could be a just-in-case move, or a bargaining tactic. The company would not comment on Sunday.

I don't mean to minimize the potential problems with the evaporation of such entities, but democracy doesn't depend on the continued existence of the current LA TIMES, it depends on, among other things, quality local journalism.