Gannett, largest U.S. newspaper publisher, slashes another 1,000 – 2,000 jobs
America’s biggest newspaper publisher will cut 1,000 to 2,000 jobs from its workforce of 41,500, according to a Wall Street Journal report. The company already cut 4,600 jobs last year.
Gannett publishes USA Today, the nation’s most-read newspaper, plus more than 80 local daily newspapers, giving it the largest circulation reach of any U.S. newspaper publisher. The local papers are where the latest cuts will be made. Dwindling spending by advertisers, particularly in local newspapers, dropped Gannett’s first quarter income 60 percent from 2008. Total ad revenue for the first quarter was down 34 percent.
The Journal reports that Gannett had $3.7 billion in debt at the end of the quarter. That makes the mere one billion dollar debt at the New York Times seem a lot less of a problem.
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About the Author, Paul Boutin
Paul (paul@venturebeat.com) covers Apple & the iPhone, social networks & social media, digital music & video, and any crazy Internet story. Paul wrote and edited for Valleywag from 2006-2008, after several years with Wired magazine and Slate. He writes regularly for The New York Times' technology section and sometimes for Wired and The Wall Street Journal. He studied computer science at MIT in the early 1980s, and worked as a software developer and network administrator for 15 years before becoming a professional writer. Follow him on Twitter at @paulboutin, and follow VentureBeat on Twitter at @venturebeat.
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