Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

French education: Reinventing the idea of school

Read more

FRENCH CONNECTIONS

Frogs legs and brains? The French food hard to stomach

Read more

#TECH 24

Station F: Putting Paris on the global tech map

Read more

THE INTERVIEW

Davos 2017: 'I believe in the power of entrepreneurs to change the world'

Read more

#THE 51%

Equality in the boardroom: French law requires large firms to have 40% women on boards

Read more

FASHION

Men's fashion: Winter 2017/2018 collections shake up gender barriers

Read more

ENCORE!

Turkish writer Aslı Erdoğan speaks out about her time behind bars

Read more

REVISITED

Video: Threat of economic crisis still looms in Zimbabwe

Read more

BUSINESS DAILY

DAVOS 2017: Has the bubble burst?

Read more

Business

US newspaper chain Gannett to cut 1,400 local jobs

Latest update : 2009-07-02

USA Today owner Gannett Co., the biggest US newspaper chain, has announced plans to cut some 1,400 jobs at its local newspapers. A memo to employees said the cuts were necessary because of "difficult economic conditions."

AFP - USA Today owner Gannett Co., the biggest newspaper chain in the United States, announced plans on Wednesday to cut some 1,400 jobs at its local newspapers.
  
Robert Dickey, president of Gannett US Community Publishing, said in a memo to employees published by several Gannett papers that the cuts were necessary because of "difficult economic conditions and the impact on our advertisers."
  
He said "approximately 1,400" jobs, or three percent of the workforce, would be eliminated in the division that operates more than 80 local newspapers.
  
The cuts were not expected to affect Gannett flagship paper USA Today, the largest daily in the United States in terms of circulation.
  
Dickey said previous cost-cutting measures were "making a difference" but the company needed to "implement job reductions to align our resources with the revenue realities we face."
  
Dickey said the "vast majority" of the cuts will take place by July 9.
  
"Unfortunately, we must take these steps because the advertising environment remains challenged," he said. "There have been some promising signs of a recovery, but the reality is the improvements are not broad-based and the economy continues to be fragile."
  
Like other US newspapers, Gannett papers have been grappling with a steep drop in print advertising revenue, steadily declining circulation and the migration of readers to free news online.
  
Dickey said, however, that "measured against our peers in the media industry, we are healthy and capable of moving forward."
  
Gannett currently has some 41,500 employees after laying off about 10 percent of its workforce last year.
  
Gannett reported a nearly 60 percent plunge in net profit in the first three months of this year and a 34 percent slump in advertising revenue.
  
The McLean, Virginia-based Gannett publishes 84 daily newspapers and nearly 850 magazines and non-daily publications, and operates 23 television stations in the United States.
  
Its British subsidiary Newsquest publishes 17 daily newspapers and more than 200 weekly newspapers, magazines and trade publications.

Date created : 2009-07-02

COMMENT(S)