By: E&P Staff
Potentially sacked with $13 billion in debt on top of weak Q1 results the Tribune Co. is planning a new wave of job cuts, sources told the Chicago Tribune.
According to Michael Oneal at the Chicago Tribune, 100 positions at his paper could be targeted for buyouts. It’s not known how many cuts Tribune plans to make company-wide.
If not enough people step forward to take the packages, Tribune could result to layoffs.
On Thursday, Tribune reported a net loss of $15.6 million in Q1. Operating cash flow fell to $238 million from $271 million compared to the same quarter a year ago. Newspaper revenue decreased 5.5% and advertising revenue for that division dropped 6.1%.
The company announced earlier in the month that Chicago real estate billionaire Sam Zell planned to take the company private in an $8.2 billion deal with approximately $13 billion in debt. Zell told Oneal that Q1 results “were within our expectations.”