Gannett to cut 1,400 jobs in new round of cuts

Discussion in 'Wall St. News' started by S2007S, Jul 1, 2009.

  1. S2007S


    This company should be letting go all 40,000+ employees and file bankruptcy, does anyone read the paper anymore, I get everything I need on my smartphone. Anyone who thinks a company that prints a magazine or newpaper will be around in 5 or 10 years better come to their senses and understand that times are changing quick and with sales of mini netbooks and smartphones in every childs hand will only hurt the print industry going forward. Expect more job cuts at Gannett in the future.

    Gannett to cut 1,400 jobs in new round of cuts

    Gannett newspapers to cut more than 1,000 jobs: report AFP/Getty

    NEW YORK – Newspaper publisher Gannett Co. plans to cut 1,400 jobs in the next few weeks, about 3 percent of the work force, as it faces a prolonged slump in advertising revenue.

    Bob Dickey, head of the company's newspaper division, informed staff of the layoffs in a letter Wednesday. He told employees that "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."

    The majority of layoffs will come by July 9, he said.

    The move follows a 10 percent cut at Gannett last year, which left the company with about 41,500 employees.

    Gannett publishes USA Today, the largest newspaper by circulation in the U.S., along with dozens of other newspapers.
  2. Printing on paper is not the problem. The problem is that the junk content that they write is not competitive with robust discussions available on line.

    The WSJ, probably others sell online edition. I used to buy WSJ myself, gave up. It is junk as well.

    the "newspapers" had a monopoly as long as print was the way to go. A printing press for a regional paper cost millions, looks like a diesel locomotive, shakes like a small earthquake. I was there, several careers ago.

    Online or print copy is not the problem. The problem is can you compete against bloggers, whatever, when there is no financial barrier to entry.