The White House, already involved in congressional plans to prop up Wall Street and Detroit, isn’t going to jump into the issue of major media company bankruptcies and sellout plans.
The confirmation came from Dana Perino, President Bush’s spokeswoman, at a news briefing today.
“The Wall Street Journal reports that the Chicago Tribune Company, which owns the Los Angeles Times and the Baltimore Sun, among others, is filing for bankruptcy, while the Rocky Mountain News and the Miami Herald are now up for sale. What’s the White House reaction?” asked Les Kinsolving, WND’s correspondent at the White House.
“I think I’ll decline to comment on companies’ decisions,” Perino said.
According to a report from Agence France-Presse, the Tribune Co., which owns the Los Angeles Times and Chicago Tribune, has filed for bankruptcy protection.
According to CNN, the company based in Chicago said it will restructure and operate while it makes the changes. Its focus will be the company’s $13 billion debt.
Sam Zell, chief executive officer, said in a statement that it was “factors beyond our control” that created a decline in revenue, accompanied by a credit crisis.
The company also owns television and radio stations, and last December said it was trying to sell the Chicago Cubs.
Officials at the Rocky Mountain News in Denver announced just days ago the newspaper, in business for 150 years, is for sale. Lacking a deal, owners said the operation might be closed in as little as a few weeks.
Tom Rosenstiel, director of the Pew Research Center’s Project for Excellence in Journalism, said the paper’s most likely candidates are local investors.
In a second question, Kinsolving asked, “At the Army-Navy game, I heard nothing but loud applause for the president, and the midshipmen chanted, ‘Four more years.’ What was his reaction to that?”
“Well, I think that he was very happy to be up there, but he only has 42 more days and that’s the way our Constitution has it. So that’s all,” Perino said.
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