Sun-Times Media Group Inc. announced it lost revenues of US$168.8 million in the third quarter amid the weakening economic market, Crain's Chicago Business reported Thursday.

Advertising sales in Chicago were down 19 percent in the quarter, and according to CEO Cyrus Freidheim in a letter to investors, it “likely won't begin to increase again until 2010.” The company plans to cut an additional $45 million to $55 million in costs over the next nine months in order to survive.

The Chicago Sun-Times' latest cost-cutting plan comes on top of a $50 million expense reduction in the first half of 2008. “All told, the company will have trimmed its costs by 30 percent by the middle of next year,” Freidheim added, according to Chicago Business.

“In view of the worsening market conditions, the company is taking even more aggressive actions to reduce costs. Our organisation understands the severity of the situation and the need for urgent action,” wrote Freidheim.

According to CEO, the latest cost-cutting plan will include “outsourcing, downsizing and the elimination of poorly performing products.” However, no further details were available yet, Chicago Business reported.

The Sun-Times Media Group's last cost-cutting resulted in the loss of 30 newsroom jobs.

The company is still exploring “strategic alternatives,” including a possible sale, Freidheim said, but “the current financial and credit crisis and the state of our industry make the process difficult,” Chicago Business reported.