The Chicago Sun-Times (SVN) becomes the latest paper to re-size to the new reality, and 35 more journalists may soon be seeking new jobs (we’re hiring!). Jury still out on which formerly cash-gushing newspaper company will be the first to go Chapter 11. Douglas McIntyre at 24/7 is banking on the Journal Register or McClatchy. With only $166 million of cash and about $50 million of cash burn per quarter, Sun-Times Media may not be far behind.
The Chicago Sun-Times, the flagship newspaper of the Sun-Times Media Group has proposed cutting 35 union newsroom positions, or about 19 per cent of the paper’s nonmanagement news jobs. The union has two weeks to make a counterproposal and plans to ask Sun-Times management to offer a buyout package, said Misha Davenport, a features writer and co-chairwoman of the Chicago Newspaper Guild. Sun-Times Media, formerly Hollinger International is under pressure from shareholders to sell the company after revenue fell 10 per cent to $279 million last year through Sept. 30.
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