Read All About It: Newspapers and Bankruptcy
April 26, 2012 By Kathryn L. Harry & Associates, P.C. - Bankruptcy
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The publishing industry is one that has been hit hardest in recent years.
Not only affected by the financial crisis of 2008 like all industries, publishing is facing mounting challenges in the age of the Internet, free information, and electronic distribution. The Chicago Reader, Chicago’s famous home for free-form journalism, provocative columns, and even racy ads has been far from immune from the bankruptcy hand-offs affecting the publishing industry. It initially changed hands in 2009 then Atalaya acquired Creative Loafing Inc., according to the Chicago Tribune, “a Florida-based company that had filed for bankruptcy.” Last October Atalaya sold Creative Loafing weeklies based in Florida and North Carolina to Tennessee-based SouthComm Inc.
There’s some speculation that the Reader will fall under the auspices of the Sun-Times, which too filed for bankruptcy—and has since recovered—in 2009. According to 2011 numbers filed by the Newspaper Association of America, the “combined ad sales for all the newspapers in the United States last year were equal to only two-thirds of the sales of single digital competitor, Google, whose annual revenues were $37.9 billion.” This is not surprising when one reviews the numbers published by TotalBankruptcy.com, which report that between 1950 and 2010 the total newspaper paid circulation in American households continued to drop even as the number of households continued to rise.
Large, established companies such as the Reader are not, of course, the only entities affected by bankruptcy. Personal bankruptcies are almost on par with corporate bankruptcies. If you or someone you know is considering filing for bankruptcy, contact a dedicated DuPage County bankruptcy lawyer today.
AUTHOR: Kathryn L. Harry & Associates, P.C.
Copyright Kathryn L. Harry & Associates, P.C. - Bankruptcy
More information about Kathryn L. Harry & Associates, P.C. - Bankruptcy
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
There’s some speculation that the Reader will fall under the auspices of the Sun-Times, which too filed for bankruptcy—and has since recovered—in 2009. According to 2011 numbers filed by the Newspaper Association of America, the “combined ad sales for all the newspapers in the United States last year were equal to only two-thirds of the sales of single digital competitor, Google, whose annual revenues were $37.9 billion.” This is not surprising when one reviews the numbers published by TotalBankruptcy.com, which report that between 1950 and 2010 the total newspaper paid circulation in American households continued to drop even as the number of households continued to rise.
Large, established companies such as the Reader are not, of course, the only entities affected by bankruptcy. Personal bankruptcies are almost on par with corporate bankruptcies. If you or someone you know is considering filing for bankruptcy, contact a dedicated DuPage County bankruptcy lawyer today.
AUTHOR: Kathryn L. Harry & Associates, P.C.
Copyright Kathryn L. Harry & Associates, P.C. - Bankruptcy
More information about Kathryn L. Harry & Associates, P.C. - Bankruptcy
View all articles published by Kathryn L. Harry & Associates, P.C. - Bankruptcy
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
