Times Mirror retrenches

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Times Mirror, Los Angeles, plans to cut another 1,000 employees later this year, including 700 at the flagship Los Angeles Times, as part of a belt-tightening outlined by CEO Mark Willes. The Times Mirror Multimedia operation has been discontinued and the company is seeking to shrink the money it is spending on developing cable TV channels by bringing in new partners. None of the company's remaining magazines or newspapers will be sold, but in a press conference Mr. Willes said all units must improve their financial results. The annoucement follows last week's decision to shut down New York Newsday and layoff close to 800 staffers. The last edition appeared July 16.

In the second quarter ended June 30, the company said net income declined to $26 million, compared to $45.4 million in the same period a year ago, despite an increase in quarterly revenue to $843.3 million compared to $807.6 million a year earlier. Writeoffs for the companywide layoffs were expected to amount to "several hundred million dollars" later in the year.

Copyright July 1995 Crain Communications Inc.

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