Troubled Chicago Tribune to axe 120 jobs

The Chicago Tribune is to axe 120 jobs in various departments across the paper. It was announced in a memo from publisher David Hiller that 80 employees will lose their jobs, and 40 posts that are currently unstaffed will be eliminated. He explained: "Most simply, our revenue is down and our costs are up, and we have to address that." It is further evidence of the problems at the parent company, Tribune, which also owns the Los Angeles Times, the Baltimore Sun and 26 TV stations. It is engaged in buying back 25% of its outstanding shares. (Via today.reuters.com)