Tribune to Cut Jobs as Ad Sales Fall Short
Tribune Co., publisher of the Los Angeles Times and the Chicago Tribune, warned of weaker-than-expected 2004 publishing sales because of a relatively soft advertising market and said it would cut an undetermined number of jobs.
Chicago-based Tribune said the ad weakness was limited to a few newspapers, including The Times, but that it planned to reduce staff, conserve on newsprint and cut spending across all publishing departments.
The company said it still expected second-quarter earnings per share to fall within Wall Street forecasts, excluding a charge of $10 million to $15 million for the cost cuts as well as “nonoperating items.” It expects full-year earnings per share to increase in “the low double digits.”
Shares of Tribune rose 22 cents to $48.68 on the NYSE before the announcement.
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