Gannett’s financial picture is worsening, and the company is preparing to make more cuts at the newspapers it owns. Gannett owns USA Today and the Asheville Citizen-Times.
NEW YORK – Gannett Co., the nation’s largest newspaper publisher, said Tuesday it will lay off another 10 percent of the work force in its local newspapers division as advertising revenue continues to plummet during the economic downturn.
The latest reductions, to come by early December, follow a 10 percent cut announced in August. Neither round affects USA Today.
Gannett isn’t revealing a specific number, but said all would be involuntary. Some 600 of the 1,000 cuts in the first round were achieved through layoffs.
Newspaper companies including Gannett are seeing ad revenue declines accelerate.
“As all of you are painfully aware, the fiscal crisis is deepening and the economy is getting worse,” Robert J. Dickey, president of Gannett’s U.S. Community Publishing division, said in a memo obtained by The Associated Press. “Gannett’s revenues continue to be severely impacted by this downturn, and our local operations are suffering.”
Gannett had said Friday it was considering more cuts by year’s end. The layoffs announced Tuesday are part of that; other divisions are likely to see job cuts, too.
3 Comments
I don’t know anybody at all who reads the Citizen Times. The only paper I ever look at is the Mountain Express.
If I need news, I go online.
I think its mostly older people who read the paper.
Asheville Citizen Times was never very good or interesting to start with.
The Christian Science Monitor has ended its printed newspaper, and is now on the web only. This was announced just this week.
This is the model for the future of the newspaper industry that is changing forever.
This is also the likely future of the CITIZEN-TIMES, and most other small US newspapers. I predict that in 3 years, may even sooner, we will have only a single newspaper for our region. It will be a combined ACT and Greenville NEWS. The ACT may survive for a while as a web site, but the printed paper will almost certainly be a combined one involving Upstate SC and Western NC.
That is the reality of the newspaper industry today.
I know there are people out and about that criticize the paper for being a waste of trees, but, we have to remember that peoples lives are being affected by these cuts. With the possibility of 10% cuts at the ACT everyone at the paper will know someone who was let go. Morale will be down and therefore productivity. I just don’t understand what Gannett is doing. Seems like the folk running the show are just trying to keep their Golden Parachutes in check.
As for the announcement before the holidays. Like I’m sure they will have a wonderful Thanksgiving worrying about their job and, well Christmas is ruined for all of them.
I tell you something. I would rather be pushed off the top of a building then have to wait in line to jump to my death.