Wednesday, July 1, 2009

Sinking Revenues Means More Reporter Layoffs at Gannett

Gannett Co., Inc.Image via Wikipedia

The nation's largest newspaper publisher, Gannett Co., Inc., which produces more than 80 local daily newspapers and the national USA Today, will slash its workforce of 41,500 by between 1,000 and 2,000, according to The Wall St. Journal.

The cutback, which is prompted by a significant decline in ad revenues (See "TUOL" post 6/16/09), comes on the heels of a 10 percent reduction in the media conglomerate's workforce implemented last year, which translated into the loss of 4,600 jobs, along with unpaid furloughs imposed on employees during the first half of this year. The company reported debt exceeding $3.7 billion in the first quarter of this year.

The proposed layoffs will be felt in the U.S. Community Publishing Division. USA Today will not be affected by this latest belt-tightening measure.

Thank goodness we'll still have the color weather map. It seems a long time ago when USA Today founder Al Neuharth was asked whether his company was pronounced "GanNETT" or "GANnett," and he responded that it was pronounced "money."
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1 comment:

  1. Interviewed in his underground lair, publisher Al Neuharth said, "It' still pronounced money - as far as I'm concerned." Then he laughed and fed his bikini-clad girlfriend to his pet piranhas. "It's fast," he murmured, "She won't suffer."