Reports: Budget Cuts Coming To The Tribune Company

Tribune Co., parent of the Los Angeles Times, is reviewing operations in an effort that will likely result in staff reductions at the company's daily newspapers.

Tribune announced in July that it planned to separate its newspapers from the company's other assets. The new owners of Tribune intend to focus on the more profitable television and Internet properties and spin off its eight daily newspapers into a stand-alone company.

A Tribune spokesman confirmed late Thursday that the company has started a budget review process. Newspaper managers have been asked to look for efficiencies.

"We’re in the process, as we are every year at this time, of looking at the budgets for all of our businesses," Tribune spokesman Gary Weitman said. "Everything is on the table. We’re looking at how to put our publishing businesses on the best possible footing for the long term."

Late Thursday, Chicago business blogger Robert Feder reported that Tribune Chief Executive Peter Liguori had told managers to identify $100 million in cuts to take effect Dec. 1. 

Weitman said the report was not accurate.

Late last month, Tribune reported that earnings tumbled in the second quarter of this year as revenue dropped sharply in its TV broadcast division and advertising continued to decline at its newspapers.

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According to Feder, the publishing side of Tribune had revenue of $2 billion in 2012, exceeding that of the broadcasting side, which reported $1.14 billion.