Bloomberg News is reporting that the LA Times saw a 27% decline in cash flow. The LA Times isn't so much following the industry trend as leading it, Bloomberg seems to indicate; the Times and Tribune's papers in general seem to be underperforming even when compared to the rest of the slumping newspaper industry.
Apparently there are some analysts that think this will torpedo Zell's takeover of TribCo. David Lee Smith of investing site The Motley Fool chimes in on this topic.