Sun-Times approves $50 million cuts, layoffs

Directors of the Sun-Times Media Group Inc., approved a plan to reduce operating costs by $50 million in 2008. The measures include layoffs.

The Chicago Tribune is reporting the cost-cutting program will be put in place in the first half of next year.

Sun-Times Media's woes include shrinking circulation and loss of ad dollars to the internet. But the Chicago-based company has been particularly hurt by the actions of former CEO and Chairman Conrad Black, who along with three other former Sun-Times executives, were convicted this year on felony fraud related to the diversion millions of dollars that should have gone to the company.