Tribune Publishing will buy out about 500 employees—seven percent of its current workforce—across its daily newspaper companies, including the Baltimore Sun, in an effort to cut costs, according to Chicago Business.
The Chicago Business report, in part, added:
“The Chicago-based company also disclosed that it shed 298 workers earlier this year, bringing its headcount reduction for 2015 to roughly 800 people, or almost 10 percent of its workforce.
“The company had announced the buyout offer in October in its broadest effort in years to shrink operations to better match declining advertising and circulation revenue base. As of the end of last year, Tribune Publishing had 7,595 full- and part-time workers. The employees will exit before yearend.
“Tribune Publishing lost $3.4 million in the third quarter on revenue that was essentially flat, with a decline in advertising income offset by revenue from the San Diego Union Tribune, which Tribune Publishing acquired this year for $85 million.
“The company, which also owns the Los Angeles Times and Baltimore Sun, among other papers, has been downsizing for years, including through four years of bankruptcy that ended in 2012. Last year, CEO Jack Griffin took the top post of the company and it was split from the more profitable Tribune Media broadcast operations.