The company that owns the Philadelphia Inquirer and Philadelphia Daily News filed for bankruptcy on Sunday. The Journal Register Co., which owns 20 daily newspapers and a passel of weeklies, filed for bankruptcy on Saturday.
In related news, the CEO of the company that owns the Inquirer and Daily News got a 38-percent pay increase two months ago. Meantime, 31 "key" executives at the Journal Register are slated to receive $1.7 million in bonuses.
*Updated Feb. 24, 12:37 p.m.: The Philly execs will roll back their raises.
(All stories via Romenesko)