Tribune Co., which owns the Chicago Tribune, Baltimore Sun and Los Angeles Times, among other newspapers and media properties, has recently “slashed” 700 jobs.
The company’s financial trouble comes from a lack of readership (for traditional print newspapers) and the resultant lack of advertising revenue, both of which Marek writes led the company to make an attempt to restructure operations. (Although a “top” editor of a website also lost his or her job.)
Marek quotes the memo of Tribune CEO Peter Liguori, who expressed optimism:
“Our long-time, local publishers and editors will continue leading their publishing businesses and newsrooms. This new structure will afford our publishers, editors and their staffs greater opportunity to focus on what they do best – servicing their local readers, advertisers and communities.”
The cuts, according to Marek, lie mostly “on the business side” of Tribune Co.’s operations, mostly around advertising and the various types of roles in place to support the advertising function.
Chicago’s Tribune Co. Cuts Jobs Post-Bankruptcy