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In the latest grim news for the newspaper industry, Tribune Co. will cut jobs at five papers - including flagship papers in Chicago and Los Angeles - to offset declining circulation and revenue, according to AP (via Yahoo Business).
Chicago Tribune cuts will likely total fewer than 100, distributed across all departments. The Los Angeles Times is cutting about 85 newsroom positions - about 8 percent of editorial staff.
The Orlando Sentinel in Fla., the Daily Press in Newport News, Virginia, and the Morning Call in Allentown, Pa., are also reporting cuts. Last week, another Tribune paper, the Baltimore Sun, announced similar cost-cutting moves.
The job cuts follow Tribune Co.’s announcement last month that third-quarter profits had fallen 82 percent due to a tax ruling that forced the company to take a huge charge, according to the article. Declining circulation and sluggish advertising sales also contributed, though Tribune executives have said that the circulation situation is improving.
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The latest casualty in the shrinking shelter category is Meredith’s Country Home. The magazine’s March 2009 issue will be its last.
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