Daily Southtown layoffs

[espnguy]

This just in:

http://nwitimes.com/articles/2007/11/09/news/illiana/doc674e8f105c7218f98625738e00015632.txt

Geezus, 20 fulltimers and 11 part-timers .... that's 20 percent of the staff (combined Southtown and Star)!!!!!!

It wasn't enough for Connie Black and Hollinger to plunder the cookie jar. Now this.

Anyone know if any cuts were in sports?

 

[rascalface]

Wait, they're getting rid of 20 full-timers and 11 part-timers and it's going to save them $3 million annually? No wonder they were losing money. Must have been paying stringers $15,000 for high school football stories.

 

[Smasher_Sloan]

I heard Paul Ladewski took the buyout offer.

 

[Jeremy Goodwin]

at least one person predicted layoffs on the thread about The Star and the Daily Southtown merging.

 

[Chi City 81]

La-doo took a buyout? I didn't know they offered any.

Paging The Good Doctor. Do you have any updates?

I'll try to find something out. I haven't really paid attention lately.

 

[Mitch21]

What I dont get is how its going to save them 3 million a year...

anyone can do that math, not taking in to account full time and part time positions, its an average of over $96,000 a year per person.

 

[SF_Express]

What I dont get is how its going to save them 3 million a year...

anyone can do that math, not taking in to account full time and part time positions, its an average of over $96,000 a year per person.

Well, it does seem high anyway, but cost per employee isn't just salary. There's also insurance, other benefits, things like that.

 

[MU_was_not_so_hard]

What I dont get is how its going to save them 3 million a year...

anyone can do that math, not taking in to account full time and part time positions, its an average of over $96,000 a year per person.

Well, it does seem high anyway, but cost per employee isn't just salary. There's also insurance, other benefits, things like that.

Those 31 people should cancel their subscriptions. That'll show the paper.

 

[Mizzougrad96]

I think it was the thread where they announced that they weren't going to cover pro sports anymore...

It's sad... It's not surprising, but it's sad...

 

[Chi City 81]

I'll likely have sports numbers tomorrow.

 

[Mitch21]

What I dont get is how its going to save them 3 million a year...

anyone can do that math, not taking in to account full time and part time positions, its an average of over $96,000 a year per person.

Well, it does seem high anyway, but cost per employee isn't just salary. There's also insurance, other benefits, things like that.

that makes sense...but with 11 part times I gotta think they are exaggerating their numbers some to make it look a little better..

 

[Birdscribe]

Yes, and Sun Times stock -- which I've been tracking for some time after reading a story in Smart Money about it -- is trading at a healthy $1.80 a share. It's down more than 40% since I've been watching it.

So this is doing wonders.

 

[Chi City 81]

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

 

[Chi City 81]

That really sucks. Any idea who?

Nope, didn't ask.

 

[welcome to the jungle]

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.

 

[Chi City 81]

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

 

[Birdscribe]

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.