Tribune Chapter 11
December 9, 2008
Dear Viewer,
As you may already know, our parent company, Tribune, and its individual media properties, which includes WPHL-TV, have filed to restructure their debt obligations under the protection of Chapter 11 of the U.S. Bankruptcy Code.
What does all this mean for our viewers and advertisers? As a practical matter, very little. Tribune is continuing to operate its media businesses, including its newspapers, television stations and websites. And, at WPHL, we remain dedicated to providing you with the great news coverage you've come to expect from us every day.
The decision to restructure our debt was predicated by the dramatic and unexpected operating conditions we've encountered this year. We have experienced the perfect storm - a precipitous decline in revenue and a tough economy have coupled with a credit crisis making it extremely difficult to support our debt. All of our major advertising categories have been dramatically impacted.
This restructuring is in Tribune's best long-term interest. It will reduce pressure on our operating businesses, enabling us to pursue our vision of creating a sustainable, cutting-edge media company that is valued by our readers, viewers, and advertisers, and that plays a vital role in the communities we serve. That, in turn, will help this station continue to broadcast the entertainment, information and news you can't get anywhere else. It's what you expect and what we'll continue to deliver.
We remain committed to serving the WPHL-TV viewing community.
Vince Giannini VP/General Manager
P.S. Tribune Company made the announcement regarding this filing yesterday morning, and the news was thoroughly covered in the business press. You'll find more coverage and in-depth analysis of the story in today's newspaper, and you can get more information about Tribune's Chapter 11 filing at Tribune.com or http://chapter11.epiqsystems.com/tribune.
December 9, 2008
Dear Viewer,
As you may already know, our parent company, Tribune, and its individual media properties, which includes WPHL-TV, have filed to restructure their debt obligations under the protection of Chapter 11 of the U.S. Bankruptcy Code.
What does all this mean for our viewers and advertisers? As a practical matter, very little. Tribune is continuing to operate its media businesses, including its newspapers, television stations and websites. And, at WPHL, we remain dedicated to providing you with the great news coverage you've come to expect from us every day.
The decision to restructure our debt was predicated by the dramatic and unexpected operating conditions we've encountered this year. We have experienced the perfect storm - a precipitous decline in revenue and a tough economy have coupled with a credit crisis making it extremely difficult to support our debt. All of our major advertising categories have been dramatically impacted.
This restructuring is in Tribune's best long-term interest. It will reduce pressure on our operating businesses, enabling us to pursue our vision of creating a sustainable, cutting-edge media company that is valued by our readers, viewers, and advertisers, and that plays a vital role in the communities we serve. That, in turn, will help this station continue to broadcast the entertainment, information and news you can't get anywhere else. It's what you expect and what we'll continue to deliver.
We remain committed to serving the WPHL-TV viewing community.
Vince Giannini VP/General Manager
P.S. Tribune Company made the announcement regarding this filing yesterday morning, and the news was thoroughly covered in the business press. You'll find more coverage and in-depth analysis of the story in today's newspaper, and you can get more information about Tribune's Chapter 11 filing at Tribune.com or http://chapter11.epiqsystems.com/tribune.
