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Groupon starts refund program
CHICAGO, Feb. 9 (UPI) -- Standard & Poor's Corp. placed Chicago-based Tribune Co. on Creditwatch a day after expressing concern about the entire newspaper industry losing money.
S&P put Tribune Co.'s already junk-rated debt under review for possible downgrade Friday after expressing concern the publishing group, like the entire industry, is likely to lose more advertising revenue, The Chicago Tribune reported Saturday. Newspapers nationwide are losing readers and advertising revenue to the Internet.
S&P lowered Tribune's credit rating from "B-plus" to "B" last December after the media group went private through a heavily leveraged $8.2 billion buyout led by real estate billionaire Sam Zell.
Tribune owns the Chicago Tribune, Los Angeles Times and several other newspapers and television stations across the country.
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