Pappas Telecasting Files for Bankruptcy

The struggles of the U.S. economy have affected all forms of business; retail and manufacturing have been the more well-known cases.

Now, media companies can be added to the list of economic casualties.

Pappas Telecasting, a private broadcasting group, said that 13 of its stations have filed for Chapter 11 bankruptcy protection.

The company made it clear in a news release that the "difficult state of the financial markets in the U.S. has limited the opportunity for many businesses to obtain new or replacement financing."

Some of the reasons the company cited for its monetary problems included loss of advertising revenue from struggling housing and energy markets, along with sub-par ratings from the CW Network, known for shows such as One Tree Hill and America's Next Top Model.

These factors made selling and financing stations difficult, and that led to the company filing for bankruptcy.