The Minnesota Star Tribune will cut its workforce by 15% through buyouts and layoffs, executives said Tuesday evening, just a month after the newspaper won a Pulitzer Prize for its coverage of the Annunciation Church and School shooting.
The Minnesota Star Tribune will cut its workforce by 15% through buyouts and layoffs, executives said Tuesday evening, just a month after the newspaper won a Pulitzer Prize for its coverage of the Annunciation Church and School shooting.
Chief Executive Steve Grove also signaled a potential new ownership structure for the news organization, which is currently fully owned by Minnesota billionaire Glen Taylor.
“This is a day that is really challenging,” said Grove. “But I am optimistic about our future.”
The media company, often heralded as a bright spot in the local news landscape, faces the same business model challenges as the rest of the industry. As readers increasingly turned to social media and other nontraditional information sources, advertisers followed, fueling a mass exodus of advertising dollars and declining revenue.
