Tribune, meanwhile, told its employees Wednesday that it hoped to wring more value out of its “underutilized” real estate in Chicago and Los Angeles, extending an asset-selling program Tribune is pursuing to service a $13 billion debt load, much of which it took on from going private.
-Washington Times – In ‘survival mode,’ newspapers slashing jobs
Fantastic, the newspaper industry is in freefall. Selling assets just to cover your own costs is not a winning strategy. (I know, I played Railroad Tycoon ;) )Looks like the Tribune Co. is especially in trouble.