Updated: October 29, 2013 6:05AM
Tribune Co., parent company of the Chicago Tribune, has started a budget review process that will likely result in staff cuts at the company’s newspapers, the Los Angeles Times reported.
But Gary Weitman, a Tribune spokesman, said Friday that “no targets for expense reductions have been set. No deadlines have been set.”
The review is something that’s done annually, Weitman said.
“Everything is on the table, as it is every year,” Weitman said. “We’re always trying to improve our business model in ways that allow us to operate as efficiently as possible, while at the same time directing as many resources as we can to producing great content for our readers, viewers and digital users. We’re trying to determine how to put our publishing businesses on the best possible footing for the long term, to make them a strong as possible.”
Media writer Robert Feder, whose blog is affiliated with the Tribune, first reported Thursday that company executives were ordered this week to make $100 million in cuts.
After Weitman derided Feder’s report as “grossly inaccurate,” Feder replied via Twitter that, “This is not the first time Tribune Co. has questioned my reporting. Once again we’ll see who’s right.”
Chicago-based Tribune owns 23 TV stations and the cable network WGN America along with the Chicago Tribune, Los Angeles Times and other newspapers. Reflecting an industry trend seen recently, Tribune Co. announced in July its own plan to spin its newspapers off into Tribune Publishing Co.
Financial results show most of Tribune Co.’s revenue comes from its newspapers, but the profits are overwhelmingly from broadcasting.