Media Conglomerate Slashes Two Percent of Its Work Force

Image via WikipediaRomanesko's Media blog reports that media giant Gannett Co. is doling out pink slips to 700 members of its U.S. Community Publishing (USCP) unit, roughly 2 percent of its work force.

The company blamed a weak real estate sector, lagging automobile ads and slow job growth for its plunging ad revenues, necessitating the staff reduction. Romanesko notes that in March, Gannett CEO Craig Dubow saw his salary doubled and received a $1.25 million cash bonus, so apparently, the "soft" advertising market is hitting some employees harder than others.