Sun-Times Files for Bankruptcy

Papers will print as normal as company restructures, it claims

(NEWSER) - The owner of the Philadelphia Inquirer and the Daily News has filed for Chapter 11 bankruptcy protection to restructure as ad revenues plunge, Reuters reports. Company spokesmen insist operations are "sound and profitable," and managers plan to continue publishing regularly. The announcement came a day after the 20-newspaper chain the Journal Register Co. also filed for bankruptcy as the economy continues to batter the industry. More»

(NEWSER) - The owner of the New Haven Register and a cluster of other newspapers filed for bankruptcy protection today, the third publisher to recently go under, the Wall Street Journal reports. Known for its tight-fisted spending, Journal Register took on debt by boldly paying $400 million for a Michigan newspaper chain 5 years ago. Unable to make interest payments, the company sought a buyer for months without success. More»

Star Tribune , overwhelmed by debt, plans to keep operating under reorganization

(NEWSER) - The Minneapolis Star Tribune has filed for bankruptcy protection after missing payments to creditors, the paper reports. Like most other 3-D news outlets, the 15th-largest daily in the country has seen a steep decline in advertising revenue. The Chapter 11 filing shows assets of $493.2 million and debt of $661.1 million. The Strib plans to keep operating as it reorganizes its debt. More»

Historic paper ceasing daily publication

(NEWSER) - Sad news from one of America's great newspapers: The New Orleans Times-Picayune has announced that it will cease daily publication this fall. The paper, founded as the Picayune in 1837, will now offer print editions just three days a week, on Wednesday, Friday, and Sunday, while continuing to offer daily reporting online at Nola.com, reports the Washington Post . The move is expected to cost close to a third of the paper's 150 reporters their jobs, and will leave New Orleans as the biggest American city without a daily paper. More»

In $142M deal

(AP) - Billionaire Warren Buffett's company is making its largest foray into newspapers yet, agreeing to buy 63 papers from Media General Inc. The $142 million deal includes the Richmond Times-Dispatch and the Winston-Salem Journal. The company is selling all its papers except those in Tampa, most importantly the Tampa Tribune. Media General says it is in talks with others for those papers. Buffett's Berkshire Hathaway has owned the Buffalo News for decades and recently bought its hometown paper , the Omaha World-Herald. More»