The Chicago Tribune laid off eight newsroom employees, about 10% of its staff, on Thursday, marking the latest in a wave of media job cuts.
The Tribune Guild criticized the layoffs as a failure of leadership by Alden Global Capital, the hedge fund that acquired Tribune Publishing for $630 million in 2021. Five of the laid-off reporters—Sean Hammond, Shanzeh Ahmad, Pinar Istek, Ahmed Ali Akbar, and Lizzie Kane—were guild members.
Media layoffs have been rampant in 2025.
Gannett Media, the largest U.S. newspaper publisher, offered voluntary buyout packages on Thursday to cut costs, with its annual sales dropping from $3.21 billion in 2021 to $2.51 billion in 2024. Fortune also cut 10% of its staff earlier this week. Other outlets, including IndieWire, Forbes, Vox, The Washington Post, Scripps, Huffington Post, and Bloomberg News, have also faced layoffs this year. Media job cuts surged from 7,735 in 2021-2022 to 36,206 in 2023-2024, a 368% increase, with no signs of slowing in 2025.
Increased Consolidation: Media ownership continues to concentrate among a few large corporations and private equity firms. In the UK, three companies—DMG Media, News UK, and Reach—control 90% of the national newspaper market, a 20% increase in concentration since 2014. In the US, mergers like the $8 billion Paramount-Skydance deal signal further consolidation, with expectations of more merger and acquisition activity in 2025, particularly among TV station operators facing declining ad revenues and affiliate fees.
Decline of Traditional Media: Legacy media, particularly linear TV and print, face structural decline due to cord-cutting and shrinking audiences. US advertising in legacy media is projected to decline by mid-single-digit percentages in 2025, while digital platforms like connected TV and social media see double-digit growth. Local newspapers, like the Chicago Tribune, are hit hard, with job cuts reflecting financial strain from reduced revenues and ownership by hedge funds like Alden Global Capital.
Rise of Digital and Creator-Led Media: Social platforms and independent creators are challenging traditional media, with 56% of Gen Z and 43% of millennials finding social media content more relevant than traditional TV or movies. Niche streaming platforms and creator-led ecosystems are growing, forcing legacy media to adapt workflows or risk obsolescence.
AI and Blockchain Innovations: Media companies are increasingly adopting AI for content creation and personalization, with 45% already using it in 2023 and a projected 20% annual increase through 2025. Blockchain is also emerging to protect content ownership via NFTs, addressing concerns about digital media authenticity.
AI and Blockchain Innovations: Media companies are increasingly adopting AI for content creation and personalization, with 45% already using it in 2023 and a projected 20% annual increase through 2025. Blockchain is also emerging to protect content ownership via NFTs, addressing concerns about digital media authenticity.