Joining a group of more than half a dozen major US dailies, Philadelphia Inquirer has filed for bankruptcy.
Newspaper CEO Brian Tierney yesterday said the bankruptcy filing is aimed at addressing the huge debt the company is facing right now and would not have any impact on its daily operations. It was only last year that he had bought the newspaper for $562 million.
With this, Philadelphia Inquirer has joined a long list of American newspapers who have either filed for bankruptcy or have taken steps to save the newspaper from collapse due to declining revenue at a time when the country is experiencing economic recession.
Last year the Tribune Co, which is the publisher of some of the prominent newspapers like The Chicago Tribune, Los Angeles Times, and The Baltimore Sun had filed for bankruptcy. The Minneapolis Tribune the most popular newspaper in the twin city of Minnesota too has filed for bankruptcy.
The Journal Register Co, which publishes a number of local daily and weekly newspapers, filed for bankruptcy on Saturday. Further the New York Times Co suspended its dividend to cope with the economic downturn. It has lifted loans on its building in Manhattan too.
With sharp declining revenue, The Seattle Post-Intelligencer and Rocky Mountain News too are for sale and likely to close down if not being rescued.
