Tribune Job Cuts Spare Broadcasting Division
February 13, 2008 at 11:29 AM (PT)
TRIBUNE CO. says that it will cut its overall staff by 2%, about 400 to 500 jobs. Most of the jobs being cut are centered on the corporate staff and the company's newspapers, the CHICAGO TRIBUNE/RED EYE, LOS ANGELES TIMES, NEWSDAY/am NEW YORK, the BALTIMORE SUN, the SOUTH FLORIDA SUN-SENTINEL/EL SENTINEL, the ORLANDO SENTINEL/EL SENTINEL, the HARTFORD COURANT, the NEWPORT NEWS DAILY PRESS, HOY, and the ALLENTOWN MORNING CALL. TRIBUNE's broadcast properties, including Talk WGN-A/CHICAGO and its major- and medium-market TV stations, are not being included in the cuts for now.
In a memo to staff WEDNESDAY morning, new CEO SAM ZELL said, "I can't turn this ship from its course of the past 10 years within just a few months. Further, while I will do everything in my power to drive, pull and drag this company forward, I can't promise we won't see additional position eliminations in the future, if we continue at our current rate of cash flow decline. But, make no mistake. This is not my ultimate strategy for our company. I believe we can achieve greatness. I have staked my reputation on it."
The company has also named former KIRKLAND AND ELLIS LLP real estate executive STEPHANIE PATER as Dir. of Real Estate.
Landon Exits, Sotir To Head Tribune Interactive
TRIBUNE Pres./Interactive TIM LANDON has exited, and been replaced on an interim basis by MARK SOTIR, Managing Partner of TRIBUNE chief SAM ZELL's EQUITY GROUP INVESTMENTS.