Salt Lake Tribune parent company Affiliated Media Inc.'s bankruptcy plan approved
Singleton has already cut costs dramatically. Affiliated's annual expenses have fallen by $385 million, or 31 percent, since the end of 2006, according to court documents.
Meanwhile, the company's annual revenue has fallen by $270 million, or 20 percent, during the past two fiscal years ending in June.
Without going into specifics, Singleton also hinted that Affiliated may try to acquire other newspapers as they struggle to recover from the recession. "Consolidation will (be) another key component in the new media model," he said.
Documents filed about a lease dispute that arose during the bankruptcy proceedings provided a snapshot on how badly the downturn has hurt some metropolitan newspapers.
The Los Angeles Daily News' annual revenue has fallen from $94 million in 2005 to $45 million last year, a drop of more than 50 percent. As its ad sales dried up, the newspaper has gone from an operating profit of $10.2 million in 2005 to an operating loss of $2.1 million last year.
In other court documents, Affiliated said the Daily News had eked out a small profit during the final six months of last year because of $9 million in cost cuts. The newspaper's budget called for 151 employees this year, compared with 422 workers in 2005, according to the court records.
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