Citadel Broadcasting filed for bankruptcy yesterday, citing a decline in advertising revenues and an “unsustainable capital structure.” The Las Vegas company owns WNOX, WIVK, WOKI, and other stations in Knoxville, and stations in Chattanooga, Tri-Cities, Nashville, and Memphis.

The bankruptcy will not likely affect local operations any more than the recent poor performance by media and publishing companies already has. It's just a way to blow off some creditors and continue business as usual - an option not available to struggling consumers and their families.