Daily Southtown layoffs

Word is it's three writers and two deskers from sports.

 

Nope, didn't ask.

 

Hearing the two desk guys were from the Star, while the Southtown cut Ladewski, Vorva and Whelan. Former S.E. John Hector is also reportedly among the victims. The bloodletting was unconscionable. They even cut a handicapped (non-sports) staffer -- I hope she sues their asses off for violating the Americans With Disabilities Act. Classic case of discrimination. She'll be a very rich woman soon. So much for the Southtown saving $3 million a year. I wonder who had that bright idea.

 

Dean Magnavite out as SE, moved elsewhere within the company. Columnist Phil Arvia is the interim SE.

 

From the third quarter earnings report...

The Company reported an operating loss of $23.2 million for the third quarter of 2007 versus an operating loss of $22.4 million for the third quarter of 2006.

The third quarter 2007 numbers reflect a 6 percent decline in advertising revenue, a 7 percent decline in circulation revenue and $7.0 million in indemnification, investigation and litigation costs, net of recoveries, primarily related to the criminal proceedings against former Sun-Times Media Group executives.

"The rate of decline in advertising revenue slowed a bit in the third quarter, and we have begun to perform better than some of our industry peers," said Cyrus F. Freidheim, Jr., Sun-Times Media Group Chief Executive Officer. "We are a leaner and more nimble news organization. We have realigned operations, our management structure and our products. And we remain intensely focused on improving margins."

"Still, we have many challenges before us, as the dynamics transforming the newspaper industry continue to impact advertising revenue in our company as well as many of our peers. Accordingly, we will continue to expand our presence where readers and advertisers increasingly are: online. In addition, we have substantially increased our focus on cost reductions through outsourcing and restructuring."

Friday's stock price of Sun Times News Group: $1.69, or less than a cup of good coffee.