Los Angeles Times expected to cut 150 jobs

Market sources claim that the Los Angeles Times is expected to announce their decision to cut about 5 percent of its workforce, or around 150 jobs.

LA Times is owned by Tribune Co. which itself is undergoing an $8.2 billion buyout. The company also just recently reported a quarterly loss as they are struggling with falling advertising sales.

Sources claimed that most of these jobs would be axed through voluntary buyouts and these job cuts are likely to include 70 newsroom positions.

If this information is true, the newspaper company would end up with 2,625 employees. The parent company Tribune owns some of the most prominent U.S. newspapers and they recently accepted a buyout bid from Chicago real estate magnate Sam Zell.