Los Angeles Times Declares Bankruptcy

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It's been less than a year since Sam Zell bought the Tribune Company, which owns the Los Angeles Times, in a deal that cost $300 million of his money and $13 billion in debt. Even then, it looked like a shaky proposition and since then there's been round after round of layoffs and cuts in service. Today, Zell's Tribune Company filed for bankruptcy. Alan Mutter, ajournalism professor at UC Berkeley, blogs at Newsosaur.com.