An employee buyout program is slated to begin at Tribune Publishing, which owns daily news vehicles the Los Angeles Times, the Chicago Tribune, and the Baltimore Sun, among others.
The voluntary buyouts, which are available only to non-union employees, are part of a strategic effort by Tribune’s senior management to stave off a series of layoffs that had been expected at the Chicago-based newspaper giant.
The cuts would affect employees across Tribune's platform of media offerings, many of them newsroom positions. The Los Angeles Times is expected to be hit hardest, where "at least 50 editorial positions are expected to be cut," according to a Monday CNNMoney report.
In a memo to staff, Tribune Publishing CEO Jack Griffin wrote that "in the challenging revenue environment that all publishing companies face, it is critical that we make hard decisions and take the necessary steps that continue to position Tribune Publishing Company for success over the long term."
Tribune staffers have until October 23 to agree to the terms of their buyout package, according to a Monday Chicago Tribune report. If the reduction effort doesn't allow Tribune to achieve its cost saving goals, a layoff plan is expected to follow.
The cuts come after a management overhaul at the Times in early Sept., where several members of that paper's leadership team were ousted, including publisher Austin Beutner, who also ran the San Diego Union-Tribune after its Tribune purchase in May. Beutner, whose firing was detailed in a Sept. 20 New York Times report, was replaced by former Chicago Tribune executive — and later Baltimore Sun publisher — Timothy Ryan.
Times editor Davan Maharaj on Sept. 22 sent a memo to staff first alluding to the possibility of a buyout program, which he described as a way for employees to “make decisions about their own personal and professional situations at a time when the company must continue to execute on its strategic plan, which includes reducing costs.”
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