Exhibit 5.22 presents selected financial data for Tribune Company and Washington Post for fiscal 2006 and 2007. The Washington Post Company is an education and media company. It owns, among others, Kaplan, Inc.; Cable ONE Inc.; Newsweek magazine; and Washington Post Media. The Tribune Company is a media and entertainment company, which also is diversified, owning the Chicago Tribune, the Los Angeles Times, television and radio affiliates such as The CW Network and WGN, and the Chicago Cubs. The Tribune Company filed for bankruptcy in December 2008.

Required
a. Compute Altman’s Z-score for Tribune Company and Washington Post for fiscal 2006 and 2007.
b. How did the bankruptcy risk of Tribune Company change between fiscal 2006 and 2007? Explain.
c. How did the bankruptcy risk of Washington Post change between fiscal 2006 and 2007? Explain.
d. The Tribune Company filed Chapter 7 bankruptcy in December 2008. Using the analysis from Parts b and c, would you have predicted the Tribune Company or the Washington Post Company to file bankruptcy? Explain.