Owner of L.A. Times files for bankruptcy

In perhaps the starkest sign yet of trouble in the news business, media giant Tribune Co. -- owner of the Los Angeles Times, KTLA-TV Channel 5 and other newspapers and TV stations -- filed Monday for bankruptcy protection from creditors. Tribune's woes stem from a combination of plunging advertising revenue and a heavy debt load of $12.9 billion, much of it incurred a year ago when it was taken private by Chicago real estate entrepreneur Sam Zell.