(Chicago) Tribune Ads Falter, (100?) Job Cuts Planned

[UpInArms]

http://www.reuters.com/newsArticle.jhtml?type=industryNews&storyID=5365510

LOS ANGELES (Reuters) - Tribune Co., publisher of the Chicago Tribune and Los Angeles Times, on Monday warned of job cuts and other cost-saving measures at its papers due to weaker-than-expected advertising revenues.

Chicago-based Tribune said the ad shortfall was limited to only a few newspapers including the Los Angeles Times, but it plans to reduce staff, conserve newsprint and cut spending across all its publishing departments.

Tribune declined to specify the number of job cuts, and a spokesman was not immediately available to comment.

One source at the Los Angeles Times, which won five Pulitzer Prizes this year, said a number being whispered around water coolers was about 100, and that the newspaper would likely first seek voluntary buyouts.

The cost cutting is expected to help offset the ad sales weakness. As a result, Tribune said it still sees second-quarter earnings per share within Wall Street forecasts, excluding a charge of $10 million to $15 million for the cost cutting, as well as for other "nonoperating items."

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