If daily newspapers were a poker tournament, this would be the late hour at which some smart-ass advises to “know when to hold em, know when to fold em.” Most of the old-time families packed up their chips years ago to spend their twilights playing the penny slots. Some very rich people thought they could do better; most have lost a lot of money. Now it’s Tribune Co.’s turn to push its chair back, even as others—Warren Buffett, Aaron Kushner, Gannett, Rupert Murdoch—lean forward.

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