Tribune files for bankruptcy protection | Reuters

"The publisher of the Chicago Tribune and the Los Angeles Times declared bankruptcy on Monday as the U.S. newspaper industry's unrelenting loss of readers and advertisers claimed its biggest victim yet.

Tribune Co., which owns eight major daily newspapers and several television stations, filed for Chapter 11 bankruptcy protection after collapsing under a heavy debt load just a year after real estate mogul Sam Zell took it private."

Any doubt that "old media" is lost? The question is, will it fade away or will it fight to retain its power base at the expense of the people it is supposed to serve?

More proof that "old media" is on death watch: The Times company, owner of the New York Times, is borrowing against their building to bolster cash flow.