Sun-Times Media Files For Bankruptcy

Another former media titan hits the dust. Sun-Times Media Group, publisher of 59 newspapers, such as Chicago Sun-Times, Beacon News, Naperville Sun and a lot of weeklies just threw in the towel. CEO Jeremy Halbreich had this to say about this sad conclusion:

"Unfortunately, this deteriorating economic climate, coupled with a significant, pending IRS tax liability dating back to previous management, has led us to today's difficult action. Importantly, we firmly believe that filing for Chapter 11 protection and exploring the potential sale of assets or new investment in the Company offers us the best opportunity to protect our respected media properties for the long-term."

Ubiquitous distressed vulture Kirkland and Ellis swoops in here as well, as legal advisor to the company, while Rothschild and Huron are financial and restructuring advisors, respecitvely.

Hopefully the Sulzbergers and Gannetts are watching and spending what little is left, as their own empires unravel at an accelerating pace.