By Greg Michael The plaster keeps falling from the hallowed halls of newspapers with daily updates pouring down. This just in from freelancer Greg Lindsay, a popular contributor to FishbowlNY: I'm keeping a close eye on the imminent implosion of Tribune Co., which not only has repercussions for the newspaper sector, but for long-suffering Chicago Cubs fans everywhere. As an Illinois boy, I assumed Tribune would be with us forever, thanks to a typically Midwest — i.e. forthright, competent, and relentlessly boring — management team. But now, with the potential for meltdown growing by the day, there's an increasing chance that the Tribune-owned Cubs will be deemed "non-core" by the feuding board of directors and sold off to the obnoxious highest bidder (I'm personally praying for Mark Cuban). Remember, you read it here first, that the Tribune paid several billion dollars too much for Times-Mirror . Imagine the embarrassment and humbling self-doubt, marked by the sweat that must be beading up on foreheads of the biggest investors as they realize they paid top dollar for a rotting corpse of a company. Ironically, some of the biggest stockholders are members of the Chandler Trust who made the sale. Now they see that they have to also but up the Tribune Co. and find more wild-eyed investors to buy the dismantled pieces. This before more catch on that the media monopolies are over. * * * Bayosphere founder Dan Gillmor , now with BackFence and the GilmorGang podcasts had suggested a little while ago that Yahoo buy the Mercury News. “But I'd guess that the valley powers-that-be consider the local newspaper business uninteresting if not ridiculous. I do think it's a shame that Tony Ridder obeyed his lawyers (OK, he had little choice) when they basically ordered him not to pursue a local buyout of the Merc while the Knight Ridder sale was under way,” Gillmor lamented. Of course, without the Merc in the deal, the sale would have been about a billion dollars short of the windfall the investors were looking for. And IT billionaires have far more lucrative businesses to invest in, like each other, rather than a failing, outdated news/advertising distribution system.