Ad drop prompts Tribune cutbacks

“It was a rough year last year, but I would say business got a whole lot tougher at year end and so far this year”

Stressing he still believes Tribune Co.

cannot cut its way to prosperity but citing the impact of 'a weak economy and significant declines in advertising volume at our newspapers,' Chairman and Chief Executive Sam Zell announced cutbacks at the flagship Chicago Tribune and its sister papers Wednesday.

Between those and previously reported reductions at Tribune Co.'s corporate offices, sources said these cuts were likely to eliminate at least 400 to 500 positions companywide, or about 2 percent of its workforce. Zell said Tribune Co.'s broadcasting and interactive divisions, both of which have new leadership as of this week, remain under examination. Read more