Dec. 7 (Bloomberg) -- Tribune Co., the newspaper-and-television company hurt by shrinking profits, is in talks to reorganize its debt and may file for bankruptcy as soon as this week, the Wall Street Journal reported, citing unidentified people familiar with the matter.

The company has hired Lazard Ltd. as financial adviser in preparation for a filing, the newspaper said.

The Journal reported that an unidentified Tribune spokesman declined to comment.

Last Updated: December 7, 2008 18:07 EST