A Shoe Drops

We told you to watch for this, now it's happened. The Tribune's debt
has been downgraded by Moody's to Baa1 from A3. Reasoning?

Shrinking earnings, increasing its debt, spending cash on share buybacks.

While this only affects the Trib's long term debt, Moody's may still downgrade Tribune's short-term debt.

This will cost the Trib millions per year in additional interest expense.

One way to reduce that expense would be to pay down some debt. Anyone know where the Trib could find a few hundred million in cash to do that?

Stay tuned to places like Crains and watch for comments from Ariel Capital. If a sale of the Cubs is going to happen, the Ariel's of the world are going to be screaming loudest for it to happen.