Just today, as anticipated, Tribune Company owner Sam Zell filed for bankruptcy for major parts of his media empire. Still plowing ahead without restructuring will be the Chicago Cubs franchise (which includes Wrigley Field). Zell's affected television stations and newspapers — which include the Chicago Tribune, the Los Angeles Times, the Hartford Courant, the Baltimore Sun, and the Orlando Sentinel — still have cash for the short term and will continue operating, and employees' health care and 401(k)s are safe for now. At the foot of the press release announcing the Chapter 11 filing, there's a little note, "About the Tribune Company." "At Tribune we take what we do seriously and with a great deal of Pride," it reads. "We also value the creative spirit and are nurturing a corporate culture that doesn't take itself too seriously." We assume that was just cut-and-pasted from an outdated template.

TRIBUNE COMPANY TO VOLUNTARILY RESTRUCTURE DEBT UNDER CHAPTER 11 [LAT via Gawker]