Tribune Publishing, the owner of the Los Angeles Times, Chicago Tribune and other newspapers, said Thursday, Nov. 12, 2015, it expects a buyout offer to cut its staff by 7 percent. Chicago-based Tribune Publishing Co. owns 11 major daily newspapers.
By Tali Arbel, AP Business Writer
Posted: 11/12/15 – 10:03 AM PST |
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.
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