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article imageChicago: Tribune Co. will cut nearly 700 jobs

By Larry Clifton     Nov 20, 2013 in Business
Chicago - In yet another sign of a continued decline in large daily newspaper advertising revenue, Tribune Co., which owns the Chicago Tribune and LA Times among other papers, has announced a “restructuring” that sheds nearly 700 jobs.
Currently, Tribune Co. owns six daily newspapers; however, the company announced plans to spin off its publishing division into a separate company with a Form 10 registration report expected to be filed with the Securities and Exchange Commission by year’s end. The divesting of its print newspapers is expected to take place three to six months after that, according to a Chicago Tribune report out Wednesday.
The move is necessary to blunt annual publishing revenue declines of $75 million to $100 million and will see hundreds of employees at the LA Times and Chicago Tribune lose their jobs as well as employees from the other four papers.
"Unfortunately, organizing around functional lines rather than maintaining what we’re doing locally, there is going to be some staff reductions," said Peter Liguori, president and CEO of Tribune Co., the Chicago-based media company.
Ultimately, the six daily newspapers owned by the Tribune Co. will be under control of one CEO for Tribune Publishing, rather than publishing as six separate entities.
After four years of bankruptcy, Chicago-based Tribune Co. emerged from Chapter 11 on December 31. The company owns 23 television stations including WGN-Ch. 9; national cable channel WGN America; WGN-AM 720; eight daily newspapers and other media assets.
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