FROM Jennifer Saba
California Running Out of Both Money and News In the San Francisco Bay Area, almost all employees at 22 dailies and weeklies have been asked to take buyouts. The same owner has reduced newspaper staffs in the San Gabriel Valley and the South Bay, with the San Fernando Valley’s Daily News said to be next. The Orange County Register says rising costs and reduced advertising mean it will print less news, and the latest Editor of the LA Times says his first job will be to “shrink the newsroom.” The new owner, Sam Zell, seems to be focused on anyone over the age of 53.
Tribune Sold to Sam Zell Since the Chandler family sold the Los Angeles Times to the Tribune Company of Chicago, there's been a parade of news editors and publishers, several of whom has left because of resistance to cutting costs. Now, the Times, along with KTLA Channel 5 , are the property of Chicago billionaire Sam Zell , who has no prior experience in the newspaper business. With an estimated $4.5 billion, Forbes calls him the 52 nd richest American . A story in today's LA Times says that Zell's interests are "purely economic." Zell himself says he has no editorial vision.
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