THIS ARTICLE WAS PUBLISHED ON DECEMBER 7TH, 2005
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NEW YORK Top Tribune Co. executives said Wednesday at the Global Media Conference in New York City that by the end of the year it will have cut 4% of the workforce as part of cost cutbacks, and will likely cut another 4% in 2006, Dow Jones reported.
Chief Executive Officer Dennis FitzSimons said that by year-end the company will have cut its workforce by 900 jobs, with most of the cuts coming in publishing at such places as the Los Angeles Times, Chicago Tribune, and The Sun of Baltimore. (E&P's running tally of newspaper industry job cuts can be found here.)
Scott Smith, president of Tribune Publishing, said the publishing side will likely cut another 800 jobs in 2006. "We are confident that ad revenue will improve in 2006," he said, but he added that the company is looking for greater efficiencies in its newsgathering and processing divisions.
FitzSimons said he expected two of its youth or commuter publications, Red Eye and AmNew York, to be profitable at some point next year.
Year-to-date, Tribune's publishing revenue is flat, while broadcasting is down about 5.5%.
"As a result of cost-cutting, it is expected that both publishing and broadcasting expense will be flat year-over-year in 2006, despite expected higher medical benefits and newsprint prices," FitzSimons said, according to a Dow Jones story.
The focus on cost management will allow the company "to redeploy resources" to areas that will contribute to growth.
"But FitzSimons said Tribune is focusing primarily on internal growth rather than acquisitions, and that cash would more likely be directed to share buybacks than new deals, although the company would continue to look at acquisitions in potentially high-growth areas," the Dow Jones report continued. "FitzSimons said the company has 40 'targeted publications' that are showing solid growth potential."
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Message update
Wednesday, December 7, 2005
Tribune CEO denies report about 2006 workforce cuts
Associated Press Tribune CEO Dennis FitzSimons tells Staci Kramer the report that Tribune will cut another 4% of its workforce next year is wrong. Dow Jones Newswires has published this correction: "Tribune Co. will not cut 4% of its workforce in 2006. The company will cut a total of 900 jobs in 2005, of which 800 jobs will be in the publishing unit. A story published at 10:29 a.m. EST and updated at 1:25 p.m. Wednesday misstated the figures." Tribune says: "Rather than focus on staff reductions, we would encourage you to focus on the full extent of our commitment to serve our communities exceptionally well."
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Message update
Thursday, December 8, 2005
No Downsizing at Tribune Properties Planned for 2006
Yesterday’s Associated Press report regarding further cutbacks at the Tribune were completely incorrect, there will be no layoffs or buyouts in 2006 at any Tribune owned media companies. Mark Kurtich pointed out the error before it reached the newswires across the country. Thank you Mark, made a lot of us feel better about our future with the newspaper.
I generally log onto the Internet at my lunch break, but yesterday was a very busy one. With only four of us to prepare our printing press for the next run (two crew members were in a meeting) I ran out of time for a lunch break.
After reading the misquoted story, I was looking at the buyout myself.
I was saddened with the news of two crew supervisors leaving on Monday, yet I’m happy for both of them and wish them both the best.
Appears we will have many new faces in the pressroom within the next few weeks, and many co-workers will be leaving us. The lower seniority workers are concerned they will be displaced and sent to the Orange County Facility, we will not know for sure till after the twenty first of December what the outcome will be.
If anyone fears they will leave the Times and is seeking employment, Bill Delgado has contacts for pressroom jobs in the Inland Empire. Call Bill at 1.800.LA.TIMES extension 75628 or email Bill at mailto:william.delgado@latimes.com
Thank you Bill
The next few weeks will be stressful, but before long it will but another memory.
Have a good day,
Eddie
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