Chicago Sun-Times Makes Additional Cuts: Sad Newspaper Decline
Hey Everybody,
I wanted to make a sad report this morning. I love newspapers and newspaper reporters. They are honest and hardworking and very, very underpaid. Even though I talk a lot about social media. I am sad to see newspapers declining. I saw this, this morning. The Sun-Times even though it is profitable, is having to cut people due to declining ad revenue. This sad case is just another chapter in newspaper decline.
CHICAGO – Speaking Tuesday at the company’s annual meeting, Sun-Times Media Group President/CEO Cyrus Freidheim Jr. called the current market “miserable” and said further cost cutting is imminent.
Despite the Sun-Times and its affiliated papers being the most widely read in the Chicago area, Freidheim says the company is still watching its advertising revenues melt before its eyes.
Freidheim did not specify where or when the cuts would be made nor did he discuss the possible sale of Sun-Times assets. The struggling company was delisted by the New York Stock Exchange in May 2008 and its shares currently trade for 44 cents. The company is valued at about $35.4 million.
I got the info at MidwestBusiness.com. Let’s all visit the Sun-Times online and try to boost their views so they can charge more for online advertising.
Enjoy,
Will Flavell
