This may be the beginning a new round of cubacks at Tribune newspapers, following very dismal profit/loss numbers newspapers are reporting across the country. Just a sample:
- Gannett's profit fell 36 percent in the fourth quarter. The company is writing off $5 billion in good will. That means Gannett thinks its newspapers are worth $5 billion less today. If that's true of Gannett, other newspaper chains may soon engage in a second round of good will slashing. Mercifully, Gannett is hinting it may cut its dividend. Gannett pays about $365 million a year in dividends. Cutting the dividend may save some jobs.
- A.H. Belo, publishers of the Dallas Morning News, is letting go 500 workers.
- New York Times' fourth-quarter net plummeted 47 percent. It is looking to sell the Boston Red Sox, borrow against its new headquarters and recently borrowed $250 million from Mexican media mogul Carlos Slim, who already owns Times stock. Maybe the paper should change its name to El Tiempo de Nueva York.