For Freedom Communications, bankruptcy is no surprise

Freedom Communications may be the most ironically named media company to have sought Chapter 11 bankruptcy protection. The Irvine, California–based owner of 30 daily newspapers, including California's Orange County Register, and eight TV stations today sought protection from creditors.

According to papers filed in the U.S. Bankruptcy Court in Wilmington, Delaware, Freedom had assets of as much as $1 billion with an equal amount of debt. Freedom says a majority of its creditors had agreed to the restructuring plan, Bloomberg News says.