I've been tweeting for awhile that legacy newspapers are now completely in the same advertising market with online ads and face tremendous competitive challenges over the next few years. Well, this pretty much nails that diagnosis. Tribune Co. Weighs Filing for Chapter 11 [WSJ.com}.
Of course, it begs the questions of how, if all news moves to the Net, we are going to be able to fashion an economic model for journalism in the digital age. Last time I checked, seemed like the vast majority of news sources on the Internet are either losing money, not monetizing the audience or support only a couple of low-overhead bloggers.
Could that be the legacy of Edward R. Murrow in the 21st century?