Philly newspapers may face "a dire situation."

In a meeting with Philadelphia newspaper union representatives, publisher Brian Tierney detailed a grim future for the city's newspapers, which include Philadelphia Inquirer and Daily News.
Tierney said the haywire economy and a struggle to meet debt requirements will most likely put the newspapers in “a dire situation” by summer or fall if the company does not find way to cut costs by 10 percent.
A release on The Newspaper Guild of Greater Philadelphia's Web site says members plan to meet with company executives to discuss saving options.
It is unclear what would happen if savings goals aren't met, but the union release does say there were references to outsourcing some jobs overseas.
To read the union's release click here.
Philadelphia Magazine also is closely following the story and has details from the meeting on their Web site. To read the report click here.