Furloughs and Pay Cuts Hit The Los Angeles Times [The New York Times]
Tribune Publishing Co (TPCO)
Last tribune publishing co earnings: 11/7 04:10 pm
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Source: The New York Times
The parent company of The Los Angeles Times is furloughing 40 employees and cutting the pay of senior managers in an effort to make up for losses brought on by a pandemic-related decline in advertising revenue.“Due to the unexpected effects of Covid-19, our advertising revenue has nearly been eliminated,” said a memo to the staff on Tuesday from Chris Argentieri, the president of California Times, the publishing company that includes The Times and The San Diego Union-Tribune.The Times newsroom cheered in 2018 when Patrick Soon-Shiong, a billionaire doctor and entrepreneur,bought The Timeshas been slowIn a separate letter to some staff members on Monday, Mr. Argentieri said, “The Times has lost more than one-third of its advertising revenue and expects to lose more than half of its advertising revenue in the coming months.”The furloughed employees do not work in the Times newsroom. They could be out as long as 16 weeks, according to the Monday memo, and it is possible that they will be
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