Tribune Publishing intends to offer buyouts to full-time non-unionized workers who have been with the company for a decade or more, according to The Virginian-Pilot. The offer is company-wide. An offer for union workers is expected to follow, the paper reported.
The buyouts are voluntary, but “further workforce reductions” could follow, Robert Feder reports.
Buyouts won’t be offered to journalists at the New York Daily News, where half the staff was let go in the summer. Advertising, sales, and production workers won’t get offers, either, according to the paper. A letter from human resources announcing the cuts went to Virginian-Pilot managers, the paper says.
The company owns a number of newspapers, including the Chicago Tribune and the Baltimore Sun
In its third-quarter conference call, the company said it saw a net loss of $4.2 million in third quarter. As causes of the loss, the company cited newsprint tariff costs and costs following the June 28 fatal shooting of five members of the company’s The Capital newsroom in Annapolis. Citing costs after the shooting for the loss garnered some negative comments on Twitter.
Tribune Publishing is entertaining bids to sell itself from McClatchy, Aim Media and investment firm Donerail, the Chicago Tribune reported.