Laredo’s newspaper industry has been in crisis for months, and it may not be over.
The Los Angeles Times and its parent company, the Las Vegas Review-Journal, announced on Tuesday that they were going public.
The two newspapers, which merged in 2013, were among the largest in the nation.
The newspaper industry is a $1.6 trillion industry with about 12 million employees.
The LA Times has about 2 million employees, and the Review-Journals have about 1 million employees in Las Vegas.
The company, which had about $200 million in assets, announced it was selling its stake in its paper and its print operations.
The papers’ parent company said it would continue to operate the company and pay all the paper’s employees, except the editorial team, a total of $1,400 a month.
The news media industry is also in crisis, with the Wall Street Journal losing its largest shareholder and a major competitor, News Corp., pulling out of the business.
The Los Angles Times had a profit of $3.3 million in the first quarter, and its net income was $2.5 million, up $1 million from a year earlier.
The paper had about 2,600 employees in the second quarter.
The Las Vegas paper had 3,700 employees in its first quarter.
On Monday, the New York Times reported that it was losing about $50 million a year on the back of subscriber growth and advertising revenue that had dropped in recent years.
The Times said it will have to close two newsrooms in New York, and close several in Los Angeles, as it tries to compete with online competitors like Amazon and Facebook.
“The business of journalism is about doing a story, and I don’t think you can compete on that,” New York Post owner Mark Thompson said.
“And we’ll be the last paper in New Jersey, the last newspaper in California, that will be in the business of writing stories.”
The paper’s parent company had said in March that it would close all but three of its newsrooms, and cut about a third of its staff.
The Los Angeles papers were the first major news organizations to file for Chapter 11 bankruptcy protection.
The newspapers have had trouble filling positions, as many have run out of money.
“We’re facing a very significant fiscal challenge,” the company’s president, John T. McGraw, told investors in May.
“We will need to close and restructure substantially all of our operations and lay off some of our staff.”