Sam Zell bought Tribune last summer, when newspaper advertising began to fall off a cliff. At the time, we worried he was nuts. It appears he actually may have been:
NY Post: Los Angeles Times and Chicago Tribune controlling investor Sam Zell may be unable to stop the loss of advertising revenue leading him and other US newspaper publishers closer to default on billions of dollars in debt.
Zell’s Tribune Co., even with attempts to shore up the company’s cash by selling assets and debt, could face default by the end of the year, Standard & Poor’s analyst Emile Courtney said.
“In the absence of additional asset sales, we think that it’s a possibility as early as December,” Courtney said in a telephone interview.
Photo from bloomberg.com
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