Another newspaper goes belly up. This time it’s the Chicago-Sun Times who decided to file for bankruptcy protection on Tuesday, saying that it expects advertising revenue to plummet 30 percent this year and joining a growing list of newspaper companies that have taken that step.
Sun-Times Media Group is in a different position from the other publishers that have filed for bankruptcy—companies that made money on operations last year, but cannot make payments on the large sums they owe to banks and bondholders. Sun-Times has no such debt, but it has enormous operating losses and faces a major bill for back taxes.
In December, the Tribune Company, which owns The Chicago Tribune, The Los Angeles Times and several other major papers, filed for bankruptcy. Since then, Star Tribune Holdings of Minneapolis; Philadelphia Newspapers, publisher of that city’s two major papers; and the Journal Register Company, owner of The New Haven Register and many smaller papers, have done the same.
It looks like the whole newspaper business is in shambles. The Cloud is taking care that they follow the way of the Dodo. The same is happening with digital and paper encyclopedias. Recently Microsoft announced they would ax their Encarta encyclopedia by June. I’m sure Britannica will follow soon. It’s just a matter of time. The Cloud is relentless. Good Day.