Magazine article Editor & Publisher

Analyst's Response to Tribune Cuts: 'Again?'

Magazine article Editor & Publisher

Analyst's Response to Tribune Cuts: 'Again?'

Article excerpt

"Again?" That was Benchmark analyst Edward Atorino's response to Tribune's announcement that it plans to trim 2% or 500 of its workforce companywide.

But all in all, he wasn't surprised given the beating that newspapers have taken on the advertising-revenue front. The memos that rolled out of Baltimore, Los Angeles, and Hartford, Conn., showed metros stymied by an uncooperative economy and new ownership, which is trying to look for "synergies" by thinning the ranks.

Exacerbating the matter, January results from reporting newspaper companies have shaped up to be, as Atorino puts it, "shockingly bad." Those dreadful vibes from '07 are rolling into '08.

"Given the trends, I'm sure Tribune is not the only company taking a look at the workforce," he said. "What else can you do?"

Indeed, one industry observer noted that Tribune is an in untenable situation given a possible recession on top of secular shifts, on top of a mountain of debt. …

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