See correction above. Tribune Co. will likely spare RedEye from cuts, according to Publisher Brad Moore. The original, incorrect item follows.
The Tribune Co. announced today that it will be cutting hundreds of jobs at the Chicago Tribune, Los Angeles Times and even its profitable Chicago free daily RedEye. AP is quoting internal memos as saying 100 jobs will be cut in Chicago and 100 to 150 in Los Angeles. Cuts in Chicago are expected to come from the Tribune, as well as Hoy in Chicago, RedEye, Chicago Magazine and online products such as ChicagoTribune.com, according to Chicago Tribune Media Group spokesman Michael Dizon. The group has about 3,000 employees, Dizon said. Chief executive Sam Zell said in a memo to employees that "while I will do everything in my power to drive, pull and drag this company forward, I can't promise we won't see additional position eliminations in the future, if we continue at our current rate of cash flow decline. ... But, make no mistake. This is not my ultimate strategy for our company. I believe we can achieve greatness. I have staked my reputation on it."