"Tribune, which publishes the Chicago Tribune, the Los Angeles Times and Newsday in New York said instead it plans to focus on organic growth..."
The brightest comment yet on how newspapers can turn around their bleak future...start growing pot.
bizjournals.com
Tribune Co. plans more cuts in 2006
Wednesday December 7, 4:06 pm ET
Executives at Tribune Co. said the company will have cut 4 percent of its jobs by the end of the year, and may cut another 4 percent in 2006 as part of cost-cutting measures, according to an Editor & Publisher report Wednesday.
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By the end of the month, the company will have cut its workforce by 900, with most layoffs coming from the Los Angeles Times, Chicago Tribune and The Sun of Baltimore, said Tribune CEO Dennis FitzSimons at the Global Media Conference in New York Wednesday.
FitzSimons also said that, despite some speculation, Chicago-based Tribune will not bid on Knight Ridder Inc. However, he said Tribune would consider buying Knight Ridder's stake in CareerBuilder in the event of a sale, the report said. CareerBuilder is a job recruitment Web site jointly owned by Knight Ridder, Tribune and Gannett Co. Inc.
Tribune Publishing President Scott Smith said the company is confident that ad revenue will improve in 2006.
The Los Angeles Times said this week it would close its Chatsworth newspaper printing plant and combine production at its other facilities, eliminating 110 jobs.
Tribune (NYSE: TRB - News) reported a 3.9 percent drop in revenue for November. The company posted a $4 million fall in national advertising revenue from $67 million to $63 million, primarily at the Times.
Published December 7, 2005 by Los Angeles Business from bizjournals