LAUNCHED: Crowd-Sourcing Ploy To Outbid Koch Brothers For Tribune Papers

Mediaite reports:

In an attempt to make sure neither the Koch brothers nor Rupert Murdoch obtain ownership of the Tribune Company and its major assets like the Chicago Tribune and the Los Angeles Times, a liberal group has started a crowd-funding campaign to raise enough money to outbid both potential buyers and, in their belief, “take back the media.” “The only people who are bidding on [the Tribune Company] right now are infamous right-wing Billionaires,” the campaign says, “who are likely to pay something around a $660 Million pricetag to control a big slice of trusted news media.”

So far they've raised $32K.

Koch Brothers May Buy Tribune Company

The multi-billionaire Koch Brothers are reportedly considering purchasing the Tribune Company, which owns eighteen daily newspapers including the Los Angeles Times and the Chicago Tribune. Acccording to one report, the buy is being orchestrated by hotel magnate Doug Manchester, the infamous backer of Proposition 8 who later bought San Diego's Union-Tribune.

Melissa Cohlmia, a spokeswoman for Koch Companies Public Sector, said in a statement: "As an entrepreneurial company with 60,000 employees around the world, we are constantly exploring profitable opportunities in many industries and sectors. "So, it is natural that our name would come up in connection with this rumor. We respect the independence of the journalistic institutions referenced in today's news stories, but it is our long-standing policy not to comment on deals or rumors of deals we may or may not be exploring."

Manchester is denying any partnership with the Koch Brothers and the Tribune Company has declined to comment.  Other papers in the Tribune group include the Orlando Sentinel, the South Florida Sun-Sentinel, the Baltimore Sun, and the Hartford Courant.

Chicago Tribune: Marriage Is Unstoppable

From an editorial by the Chicago Tribune:

Increasingly, the public understands that letting same-sex couples marry does no harm to the civil institution of marriage, but promotes family stability, rewards loving commitment, and safeguards the interests of children.

Advocates also got a big boost in May, when President Barack Obama endorsed the idea. At the time, Ralph Reed of the conservative Faith and Freedom Coalition called Obama's announcement an "unanticipated gift to the Romney campaign" that would drive religious Americans to the polls to vote against Obama. But Mitt Romney saw little to be gained from pushing the issue, and it didn't impede the president's re-election.

Gov. Pat Quinn signed a bill authorizing civil unions for same-sex couples, and he has come out for marriage rights, as has this page. It's not likely to pass in the near future, but time is on the side of the proponents. Their cause has the advantage of resting on respect for liberty and fairness. Wherever it can also count on public support, it will be unstoppable.

Print Media Death Watch

First we hear that the New York Times has mortgaged their brand new midtown skyscraper and may have to sell it, and now comes word that the Tribune Company has filed for bankruptcy.

The company that owns the Los Angeles Times, KTLA Channel 5 and the Chicago Tribune filed for bankruptcy protection today, seeking relief from $12 billion in debt that largely stems from last year's leveraged buyout of the media firm. Tribune Co. directors approved the action to seek Chapter 11 protection in a meeting today, saying they want to restructure payments to banks and other creditors, following real estate magnate Sam Zell's purchase of the company last year. "

A precipitous decline in revenue and a tough economy have coupled with a credit crisis, making it extremely difficult to support our debt," Zell said in a statement to employees just before 11 a.m. Pacific time. "All of our major advertising categories have been dramatically impacted." The Chicago-based company had roughly $300 million cash on hand, more than enough to make a $70-million payment due today. But executives reportedly were unable to persuade lenders to undertake a broader restructuring of the debt. Among other obligations, a $512-million principal payment related to Zell's leveraged buyout is due in June.

Tribune also owns the Chicago Cubs, which is not part of the bankruptcy filing as the team's sale is almost completed.