NPR logo

Feedom Communications To Declare Bankruptcy

  • Download
  • <iframe src="https://www.npr.org/player/embed/112397727/112397700" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Feedom Communications To Declare Bankruptcy

Business

Feedom Communications To Declare Bankruptcy

Feedom Communications To Declare Bankruptcy

  • Download
  • <iframe src="https://www.npr.org/player/embed/112397727/112397700" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

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.

Copyright © 2009 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.