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Revolving Door Newsletter: 04.14.09

Chicago Tribune Cuts 20 Percent Of Newsroom; Jersey Journal Slashes Staff To Stay Afloat

April 14, 2009
Creditors supporting Philadelphia Newspapers LLC., the bankrupt publishers of the Philadelphia Inquirer, the Philadelphia Daily News, and Philly.com, want "independent oversight" of CEO Brian P. Tierney while the company reorganizes. According to the Inquirer, the creditors are owed $300 million and are afraid that "their interests [will not be] adequately protected by the ongoing operation of the company without additional restrictions because of the rapid deterioration of financial results." Tierney is fighting the request: As a countermeasure, his paper offered the creditors $50 million to pull it out of bankruptcy... After last week's front-page advertisement flap, the Los Angeles ...

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