Bankruptcy Experts to Examine Media Company Distress
(December 8, 2009)

The continued exodus by consumers away from printed news sources and toward the Internet is leading many traditional media companies to file for bankruptcy. Dwindling subscribers and declining advertising revenue have led such established companies as Tribune Co., Star Tribune, Reader’s Digest and the Journal Register to file for chapter 11 over the past year. Hear a panel of bankruptcy experts examine the current financial distress for media companies and the future prospects.

The speakers include:

• Sharon L. Levine is a member of Lowenstein Sandler’s Bankruptcy, Financial Reorganization & Creditors' Rights Group. Levine's practice focuses exclusively on bankruptcy, restructuring, debtor/creditor law and bankruptcy litigation, and her recent representative matters include serving as counsel to the official unsecured creditors' committees in media cases such as Star Tribune and ION Media.


• Mark K. Thomas is a partner in the Bankruptcy & Restructuring Group of Proskauer LLP, where he concentrates his practice on bankruptcies, workouts and restructurings involving all manner of industries and complex corporate issues. Representative media bankruptcy cases that Mark has worked on include Philly Newspapers and Ziff Davis Media.


• H. Jason Gold is the chair of Wiley Rein LLP’s Bankruptcy & Financial Restructuring Group, where his practice has focused on major automotive, media, retail, real estate, aviation and telecommunications cases. Gold has represented several media companies in their financial restructuring.

Background:

Traditional newspapers and evening broadcasts are out; computers or mobile devices are in as the consumer choice for news. Print and broadcast media companies that have been teetering are now filing for bankruptcy. Suffering from a decline in advertising revenue and subscribers, established companies such as Tribune Co., Star Tribune, Reader’s Digest and the Journal Register have filed for chapter 11 protection in the past year. Other outlets, such as the Boston Globe, have restructured their finances or renegotiated labor contracts.

What is the prognosis for traditional media outlets as more consumers put down newspapers and turn to their Web-capable phones and computers? How will these companies survive as traditional methods of reporting and news delivery face the overwhelming tide of social media and mobile Internet devices? A panel of bankruptcy experts give their insights on media company distress and their thoughts on the prospects for the industry.

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