ALTHOUGH Tribune Co has the distinction of being the first major United States newspaper publisher to seek bankruptcy protection in this sour economy, it is hardly alone in facing the deadly combination of high debt and declining advertising revenue.

For a sense of who might be next, consider publishers that have put individual papers up for sale or have had trouble meeting their debt contracts.

Analysts said yesterday that most publishers fall into that category. The exceptions often cited: Gannett Co, whose US$4 billion in debt is reasonable for its size even though its revenue has shrunk, and McClatchy Co, which in September bought about two years of flexibility on US$2 billion in debt by agreeing to higher interest rates.

Advertising revenue has been falling across the board. Losses from the shift of readers to the Internet were exacerbated this year as consumers and advertisers alike pulled back spending in a deepening recession. Although most papers have remained profitable, they have counted on generous cash flows to pay interest and principal on loans.

Tribune filed for bankruptcy protection on Monday as it sought more time to put its finances in order. It is US$13 billion in debt.

The company, which owns the Los Angeles Times, Chicago Tribune, The Sun of Baltimore along with other dailies, broadcast properties and the Chicago Cubs, had unusually high debt and was considered "an extreme case," said Rick Edmonds, media analyst with the Poynter Institute in St Petersburg, Florida.

Yet Tribune's filing left him with one big question: "Does it mean they are one of a kind or just the first?"

Long before Tribune sought bankruptcy protection in a Delaware court, Journal Register Co was considered a likely candidate.