Will the information industry be next at Congress’ doorstep, looking for its own bailout? With the Tribune Company’s declaration of bankruptcy today, the recession of 2008 has again proven adept at revealing those industries whose business models were already top-heavy and unworkable. But, while many will point to a decade–long decline revenues for paper-and-ink news and blame this all on the Internet, I wonder whether the business that failed them was that the entertainment industry, so eager to lash together every entertainment property it can swallow into an advertising megaplex. Isn’t it telling, that Tribune is struggling not just because readers are canceling their newspaper subscriptions for digital feeds — after all, Tribune has an enormous web presence — but because they were unable to sell off the Chicago Cubs in time to make this year’s debt payments?

LA Times report here; CEO Sam Zell’s letter to his employees here.