The Reader has always watched Time Out Chicago with a wary eye, and that goes back to the months before TOC debuted here in 2005, when we knew it only as a formidable interloper that had taken aim at our market.

We are wary yet. Certainly I am. On Tuesday, it was learned that Morningstar’s Joe Mansueto, who owns all but a small piece of TOC, was selling out, and it was going out of existence as a print publication. On Wednesday, TOC‘s media blogger, Rob Feder, reported that he understood “most of the 60 people who work here will lose their jobs.”

By most, I hear three out of four—and by the end of next week.

There’s a big picture this fits into, and it’s not pretty. Last week the once-mighty Boston Phoenix, an alternative weekly that rivaled the Reader in size and stature, announced it was going out of business. A 2012 makeover, which turned it into a glossy magazine, hadn’t worked, and it reportedly was losing a million dollars a year.