Economy hits broadcasting, too

The Chicago Tribune's announcement today that it was going bankrupt to protect itself from creditors while it reorganized was another example of newspapers at least somewhat covering its industry's woes, but broadcasting is starting to acknowledge the same problems -- leading to cutbacks, hiring freezes, consolidation of features such as distant/remote weather reports, and even layoffs.

This morning's Mediaweek piece by Katy Bachman underscores how radio and television are profoundly affected by the economic downturn and related ties to drops in advertising.

It's silent about loss of audience to cable and the Internet, which has been occasionally covered elsewhere, and about the colossal debt that some broadcasting groups are enduring almost as much as newspaper chains such as Tribune, McClatchy and GateHouse.

However, it concedes that there are difficult times ahead next year, and implies that no one really knows what to expect.

Check out Bachman's entire article -- http://www.mediaweek.com/mw/content_display/news/local-broadcast/e3ie8946cda1b3f6da2608b2711ff8613f4

Exciting times.