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."
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.