Zell took Tribune private in an $8.2 billion buyout in December 2007 that saddled the Chicago-based owner of the Chicago Tribune, Los Angeles Times, Baltimore Sun and WGN superstation with too much debt. Tribune filed for Chapter 11 bankruptcy protection a year later, during the global financial crisis, after advertising revenue tumbled as more readers began getting their news online. The company later split its broadcasting and newspaper businesses into what are now Tribune Media Co, which is being bought by Nexstar Media Group, and Tribune Publishing. Some assets have been sold.