In a development that sent shockwaves through the fake news world, Not the L.A. Times filed for bankruptcy today.

Analysts blamed the website's bleak financial picture primarily on declining ad revenues. Although NTLAT was chock-full of advertisements, most were fake, and staffers wasted countless hours attempting to collect fees for running them.

The faux newspaper also faced a crushing debt load after borrowing $8 billion this summer – $10 to buy the website's domain name and the rest to support owner Roy Rivenburg's lavish lifestyle, which included a corporate jet, Malibu mansion and Paris shopping sprees for his girlfriend.

"Rivenburg acted like he was freakin' Sam Zell," said one NTLAT staffer.