Chicago is My Home

17
Jun

President at Sun-Times Media Group Warns of Additional Cuts at Company

Author: Adam Fendelman, Category: Business

CHICAGO – Speaking Tuesday at the company’s annual meeting, Sun-Times Media Group President/CEO Cyrus Freidheim Jr. called the current market “miserable” and said further cost cutting is imminent.

Despite the Sun-Times and its affiliated papers being the most widely read in the Chicago area, Freidheim says the company is still watching its advertising revenues melt before its eyes.

Freidheim did not specify where or when the cuts would be made nor did he discuss the possible sale of Sun-Times assets. The struggling company was delisted by the New York Stock Exchange in May 2008 and its shares currently trade for 44 cents. The company is valued at about $35.4 million.

By Megan O’Neil