Faced with declining advertising revenue and mounting debt, the US media has plunged into a deep financial crisis. The publisher of the two most popular dailies, The Los Angeles Times and The Chicago Tribune, has filed for bankruptcy. The New York Times is seeking a $225 million loan against its headquarter in mid-town Manhattan. The popular Miami Herald has been put on sale by its owner. And stocks of CBS, one of the popular new channels, have fallen below $5 in recent weeks. Most American media outlets are now struggling to survive.