Feedom Communications To Declare Bankruptcy

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The owner of the Orange County Register is expected to file for Chapter 11 bankruptcy protection this week. The Wall Street Journal reports that Freedom Communications has reached agreements with its lenders to restructure its debts.

ARI SHAPIRO, host:

And a smaller California media company is likely to file for bankruptcy this week.

Freedom Communications is the parent company of the Orange County Register. That newspaper has won three Pulitzer Prizes, and the company owns 30 other newspapers and eight TV stations around the country. Freedom Communications was founded to promote libertarian philosophies, and today it faces the harsh realities of the free market - specifically, falling ad revenues. The company is still mostly owned by family members, and the Wall Street Journal says it's working with lenders to restructure about $770 million of debt.

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