June 8, 2004 – In a move that highlights the mainstream media's heavy reliance on the advertising industry, the Tribune Company, publisher of 14 daily newspapers including the Chicago Tribune and the Los Angeles Times, is cutting its staff by over 1 percent as a result of weak ad revenue. Over 200 Tribune employees will be fired and the company said it will cut costs throughout its newspaper operations, without giving specifics, in order to curb its expenses relative to its revenue. As Tribune cuts jobs and "costs" May total revenue at the publishing company, which also owns over 24 television stations and the Chicago Cubs baseball team, actually grew 3.2 percent to $467 million. Two-thirds of that came from advertising, which amounted to $255 million in May.
