Closeout days continued at financially troubled Times Mirror Co. Monday as the media conglomerate sold its minority interest in Smurfit Newsprint Corp. to the paper manufacturer’s parent, Jefferson Smurfit Corp. of St. Louis.
Times Mirror’s unloading of its 20 percent interest came one day after it closed New York Newsday, the tabloid that reportedly lost $100 million in its decade of existence.
The economizing at the Los Angeles-based company is not expected to stop anytime soon. Under Mark Willes, the new and cost-conscious chief executive formerly of General Mills Inc., the company is expected to follow through with an array of cutbacks affecting its flagship Los Angeles Times as well as other publishing operations. The Times is expected to announce this week a cut of 300 to 400 employees, 150 from the editorial ranks.
Times Mirror stock closed Monday at $26.50, up $2.75, or 11.6 percent, on the New York Stock Exchange.
