Newsday publisher Tim Knight Thursday announced that the newspaper will be cutting about 120 jobs throughout the company, citing declining sales and the "soft advertising revenue environment." The reduction in Newsday's workforce -- about 5 percent -- comes as many news organizations nationwide have been cutting jobs to survive an already tough and competitive marketplace made more difficult by a slowing economy. Two weeks ago, several other news organizations owned by Newsday's parent company Tribune Co. -- Los Angeles Times, The Baltimore Sun, The Hartford Courant and the Chicago Tribune Media Group -- announced staff reductions affecting about 300 employees....