US media group Tribune Co has filed for Chapter 11 bankruptcy protection amid mounting debts and falling advertising revenues.
The Chicago-based company is seeking the protection of the bankruptcy court from its creditors as it attempts to reorganise its debt.
Tribune said it will continue to run its ten newspapers, 23 television stations, WGN America, WGN-AM and the Chicago Cubs baseball team as normal.
Chairman Sam Zell said the group faced a "perfect storm" of a decline in revenue and a tough economy coupled with a credit crisis, making it difficult to support debt levels.
Mr Zell took the group private last year in a controversial deal that was financed by debt.
"We believe that this restructuring will bring the level of our debt in line with current economic realities, and will take pressure off our operations, so we can continue to work toward our vision of creating a sustainable, cutting-edge media company that is valued by our readers, viewers, and advertisers, and plays a vital role in the communities we serve.
"This restructuring focuses on our debt, not on our operations," Mr Zell added.
Mr Zell said the Chicago Cubs and Wrigley Field are not part of the Chapter 11 filing. Attempts to sell these assets are ongoing, the group said.
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