Publishing giant, Tribune Co has indicated that it is planning to cut as many as 700 jobs or 6 per cent of its entire workforce as it looks to save costs and reorganise its operations.

The company that owns Los Angeles Times, Chicago Tribune and seven other daily newspapers, indicated that it is planning a reorganisation of its business operations. The company will unify the non-editorial departments at its newspapers, such as marketing and circulation into a single unit for the entire firm.

CEO Peter Liguori, in a statement that, "This will enable us, in turn, to continue investing in the lifeblood of our business: best-in-class reporting, effective sales and digital growth. Creating these critical efficiencies and ensuring the long-term strength of our mastheads will, unfortunately, result in the selective reduction of our publishing staff."

Tribune had filed for bankruptcy protection in December 2008. The company's owners included JPMorgan Chase & Co., debt specialist Angelo, Gordon & Co. and hedge fund Oaktree Capital Management. Tribune has been affected by the decline in advertising sales much like the entire publishing industry.