Tribune Files for Bankruptcy, Stock Falls 94%

Tribune, the owner of several of the nation’s largest newspapers, has filed for Chapter 11 bankruptcy protection. The company cited a $13 billion "heavy debt load" as the reason to seek protection. The media giant, which owns The Chicago Tribune, The Los Angeles Times, the Orlando Sentinel, 23 television stations and the Chicago Cubs, was battered in the past year. Their stock is now trading at $1, down 94% from yesterday's $18 closing price.