Newspapers and Baseball, What a Striking Similarity

You don't need to like sports to get a kick out of this story of two cities.

Chairman and CEO of Tribune Co., the parent company of the Chicago Tribune and several other newspapers in dire straights, told the CNBC network that his embattled company could be out of bankruptcy this year.

Sam Zell said to the TV business network that, even though on Monday he asked the court handling its bankruptcy procedures to delay the filing of his plan to exit his current situation, he expects to get out of the woods as early as the end of the year.

One key component of Zell's plan is the sale of one of his most valuable properties, the Chicago Cubs Major League Baseball team and its storied Wrigley Field, for which a bidder has already offered some $900 million.

But the sale needs to be approved by both the bankruptcy court and the Major League Baseball team owners.

The Tribune's somewhat encouraging news fallows on the heels of The New York Times' parent company announcing last week higher quarterly profits than analysts had forecast. 

Curiously enough, The Times' fate is also tied to another baseball team. The Boston Globe, which is owned by the Times and whose holding company also owns the Boston Red Socks, is trying to get out of the bankruptcy abyss by selling the team.

Bottom of the ninth, two out and the bases are loaded. Stay tuned.