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Sun-Times Media Group Reports Big Second Quarter Losses

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The Sun-Times Media Group is reporting dreary second quarter results.

The newspaper industry has been flailing recently. Staff are being cut, papers are being slimmed down and the Chicago-Sun Times is no exception. In a letter to stock-holders, the CEO of the Sun-Times Media Group says “the entire newspaper industry is in a deep recession, possibly the deepest in 70 years. And it may well worsen.”

The company announced second quarter losses totaling over $37 million. Ad revenue is down 14 percent from last year. Circulation revenue is also down 4 percent. The Sun-Times is making plans for additional cost-cutting, beyond the $50 million in reductions announced earlier this year. It’s considering a number of changes, including new formats and sizes. In his letter, the CEO also indicated that the company is still considering a sale or going private.

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