Tribune Reports Loss

The Tribune Company, which owns the Chicago Tribune, the Los Angeles Times, WGN-Ch. 9 and other media properties, reported a $15.6 million loss for the first-quarter compared with last year's gain of $102.8 million. Blamed is "erosion in advertising revenue and circulation."

On a nuts and bolts level, it's simply an erosion in the number of eyeballs directed at its product. The Tribune is losing ground to a flood of other media sources.