After making two rounds of cutbacks in May and last week, the San Diego Union-Tribune in reporting an expected profit of $5 million. Platinum Equity acquired the paper from the Copley family in May, and immediately slashed 192 jobs, laying off 112 more last week. The company says it’s finished making cuts.
The paper’s profit has dropped significantly in the last few years from $68 million in 2006 down to $38 million in 2007, then down to only a million dollars last year. Before Platinum took over, the paper was on a pace to lose $7 million. The newspaper’s revenue has tumbled almost 55% since 2006.