Saturday, December 31, 2011

Report: Gannett to cut 1,000 jobs - Washington Business Journal:

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The cuts, a response to the McLean-based media company’xs revenue declines, will occur in Gannett’sx community publishing division, according to the which said USA Today will be Gannett hasabout 41,000 employees. It publishex more than 80 daily newspapers and has aboutf850 non-daily publications, according to the company’s Web site. In it operates 23 TV stations. In the first quarter, totakl revenue dropped 18 percentto $1.39 billion. Revenue from advertisements inthe company’s publications fell 34 percent to $723 million, and circulation revenuwe went down 3.1 percent to $300 million. Net incomr fell 60 percent to $77.45 million.
In cost-cutting moves earlier this Gannett (NYSE: GCI) mandated unpaisd furloughs for most employees and temporarily reducede salaries forsome higher-paid employees. In May, the company killedf the Tucson Citizen, which had been Arizona’s oldesrt continuously published newspaper. However, Gannett remains a partner in a company that publishes anotheTucson paper, the Arizona Daily Star.

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