The Tribune Co.'s December 8 decision to file for Chapter 11 bankruptcy protection to restructure about $13 billion of debt is the latest blow to a media industry pained by financial strain and poor advertising revenues. Yet, some types of local media outlets, such as weekly newspapers and community-focused news networks, have a buffer against the troubles experienced by big media organizations, like the parent of the Los Angeles Times and Chicago Tribune.
“Most people are getting national news off CNN, MSNBC, ...