In a move that guts one of the countrys oldest and most widely circulated newspapers, The Los Angeles Times announced Tuesday that its laying off at least 115 members of its staff, or about 20% of its newsroom.

Its one of the biggest staff reductions in the 142-year-old Southern California institutions history, the Times said . Though its widely regarded as one of the states top news outlets, its billionaire owner said it was bleeding as much as $40 million a year due to a crumbling advertising market.

The cuts include 94 members of the Los Angeles Times Guild, or about one quarter of the papers unionized staff.

Slashing a quarter of the newsroom is devastating by any measure to our members and their families, to our morale, to the quality of our journalism, to the bond with out audience, and to the communities that depend on our work, the guild said in a statement.

Tuesdays cuts, the guild noted, follow the elimination of 74 newsroom jobs in July.