Skip navigation


Current DateTime: 02:37:02 28 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

  • Wines for the Holidays

      Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES


Current DateTime: 02:37:01 28 Nov 2009
LinksList Documentid: 33793611
  • How Well Do You Know Your Bird?

      Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.

  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?


Current DateTime: 02:37:01 28 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Gannett To Cut 1,000 Newspaper Jobs; Shares Jump
By: Reuters | 14 Aug 2008 | 02:38 PM ET
Text Size

Gannett plans to eliminate 1,000 positions from its local newspapers around the U.S. because of declining advertising and circulation revenue, and may cut more if those conditions persist.

The largest U.S. newspaper publisher said the cuts equal about 3 percent of the positions in its Community Publishing unit, according to a memo obtained by Reuters on Thursday. The unit accounts for the vast majority of the company's newspapers, except for USA Today.

Gannett, Newspaper, Jobs
AP

About 600 people probably will be laid off as part of the cuts, the memo said. The remaining cuts will come from retirements, resignations and other vacancies that will go unfilled.

Gannett [GCI  Loading...      ()   ], which is based in McLean, Virginia, sent the undated memo to publishers of its more than 80 community newspapers, asking them to notify employees by August 15.

The company, which publishes USA Today, is the latest U.S. newspaper publisher to slash headcount because of falling advertising and circulation revenue. McClatchy [MNI  Loading...      ()   ], The New York Times [NYT  Loading...      ()   ], The Washington Post [WPO  Loading...      ()   ] and Tribune [TRB  Loading...      ()   ] all have cut their employee rolls, either through buyouts or layoffs.

U.S. newspaper publishers have been battered by a steep fall in classified advertising revenue brought on by wider economic woes spurred by the housing crisis as well as a steady migration of readers seeking free news on the Internet.

At Gannett, publishers are getting a reduced payroll dollar amount that they must meet based on the unit's financial performance and previous reductions, and have several options to reach their targets such as leaving open vacant positions, normal resignations and retirements, and layoffs.

"We would prefer no more reductions, but... we must keep expenses in line with revenue," the memo said. "If advertising and circulation revenues continue to decline, further payroll reductions may be necessary."

At the Gannett -owned Courier-Journal in Louisville, Kentucky, Publisher Arnold Garson told employees that 15 of them will lose their jobs, and added that the company does not see the revenue declines easing any time soon, according to an article posted on the paper's website.

Gannett publishes newspapers in more than 30 states, including The Arizona Republic, The Green Bay Press-Gazette in Wisconsin, The Honolulu Advertiser in Hawaii and The Courier-Post in southern New Jersey.

Gannett shares rose $1.56, or 8 percent, to $20.82 on the New York Stock Exchange. Many other newspaper shares rose as well on Thursday.

Copyright 2009 Reuters. Click for restrictions.
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • These four sectors will be the next to lead the market.
  • Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
  • T shirt man
  • From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
  • It may be the most unusual guide to business you'll read.
  • Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
  • "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
ADD COMMENTS
Remaining characters


Current DateTime: 01:08:03 28 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:01:49 28 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 01:04:29 28 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:04:29 28 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters