Zell: Tribune Co. cutting to survive (updated)

Tribune Co. employees yesterday were invited to listen to Sam Zell and Randy Michaels speak about the recent job and page cuts at the company's various newspapers. The Baltimore Sun has a story today describing some of what was said. Zell painted a bleak picture and hedged as to whether more cuts will be needed:

"We're looking at some of the worst advertising numbers in the history of the world," Zell said.

"I have a responsibility ... to keep this business alive when cash flow has eroded at a prodigious level," Zell said.

"We went through every one of our organizations with a goal of getting efficient numbers up and head counts down so we can survive to live another day," he said.