Monday, December 17, 2007

Waste Papers

From your Chicago Sun-Times:
The parent company of the Sun-Times Media Group plans to cut operating costs next year by $50 million -- or about 11 percent of total expenses -- in part through an unspecified number of layoffs.

Chief Executive Cyrus Freidheim Jr. said in an e-mail to employees Friday: "The company's financial results for the first nine months of this year have been well below plan and unprofitable."
Michael Miner, of the recently eviscerated Chicago Reader, says "about 40 jobs will be lost, a quarter of the editorial staff. And that's from a paper that had no fat to begin with."

Fortunately, the friendly folks at your Chicago Tribune is doing its part to make a gutted Sun-Times look like a value:
Starting Monday, Dec. 31, the newsstand price of the Chicago Tribune for the Monday through Saturday Chicagoland editions will increase from 50 cents to 75 cents. *** Home delivery subscription rates will rise slightly in 2008
In 2008, when Chicagoans hand to their news peddler a buck, they will face a choice: a) two copies of the cadaverous Sun-Times, b) 25 cents and a Trib, or c) a New York Times.

Good luck Sam Zell!

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