Chicago-based Tribune Publishing, parent company of the L.A. Times and Union-Tribune, announced today (October 5) that it will have a company-wide "Employee Voluntary Separation Program," an employee-buyout proposal. If enough people don't sign up, there will be layoffs.
Employees of the Union-Tribune, recently purchased by Tribune Publishing, will have a meeting this afternoon (Monday) at 3 p.m. Word of a buyout program has already reached employees, including the news staff and other areas of the company.
The biggest hit will be at the L.A. Times, according to CNN Money. At least 50 newsroom employees are slated to go off the payroll there, according to news reports. The Chicago headquarters has been feuding with Times management; the publisher, Austin Beutner, who was also publisher of the U-T, was axed last month.
Corporate results and the stock of Tribune Publishing have been falling, in concert with the decline of newspapers generally, particularly metropolitan dailies.