Business & Economy

Buyouts coming at company behind LA Times, Chicago Tribune

File: The Los Angeles Times Building in downtown Los Angeles on July 10, 2013.
File: The Los Angeles Times Building in downtown Los Angeles on July 10, 2013.
Frederic J. Brown/AFP/Getty Images

The owner of the Los Angeles Times, Chicago Tribune and other newspapers is offering buyouts to employees.

Tribune Publishing announced the "Voluntary Separation Program" in a memo to employees that was obtained by The Associated Press on Monday. The memo says the newspaper publisher needs to reduce costs. You can read the memo at L.A. Observed.

The company has been in turmoil after the firing of Los Angeles Times publisher Austin Beutner in early September. The Los Angeles Times had reported that Tribune Publishing rejected an offer from a local philanthropist, Eli Broad, to buy the Times and the San Diego Union-Tribune from the Chicago company.

Then Tribune Publishing cut its outlook for the year, citing lower expectations for revenue and delayed cost cuts, particularly in Southern California.

Tribune Publishing spokesman Matt Hutchison declined to comment Monday.