Owner of LA Times, Chicago Tribune expects to cut jobs 7 pct
The owner of the Los Angeles Times, Chicago Tribune and other newspapers says it expects a buyout offer to cut its staff by 7 percent.
Tribune Publishing employees had to apply by Oct. 23. The company said in October that layoffs could follow the buyouts. Spokeswoman Dana Meyer said Thursday that CEO Jack Griffin had said last week on the company earnings call that "initial results indicate that the company will reach its internal targets" for buyouts.
Meyer declined to comment on how many employees took a buyout or how many employees Tribune Publishing has. As of the end of 2014, it had 7,595 full- and part-time employees.
Revenues have been declining as newspaper readers and advertisers move online.
And Tribune was hit by an uproar after firing the LA Times publisher in early September. Prominent Los Angeles residents have called for local leadership at the paper. Shortly after the firing, the company cut its guidance for the year, blaming lower revenue estimates in Southern California and "the delay of implementation" of cost cuts there.
Chicago-based Tribune Publishing Co. owns 11 major daily newspapers.
Shares slipped 7 cents to $9.13 in midday trading Thursday.