Gannett, McLean, VA, is laying off journalists and other staff at newspapers throughout the United States, but there was no indication of the number of positions being eliminated, reports Publishers Daily.
Gannett CEO Mike Reed said on Aug. 4 that the company is pursuing a significant cost-cutting program, primarily on the print side, but also including “transformative cost reductions.”
The company released financials, showing a total revenue drop of 6.9% to $748.7 million and a $53.7 million net loss. Included in the total hit was an 8.9% decrease in digital media ads due, in part, to a softer programmatic ad market. Also, Gannett suffered “greater than expected losses in print,” Reed said.
Spokesperson Lark-Marie Anton issued a statement saying the company had to take “swift action given the challenging economic environment. These staffing reductions are incredibly difficult, and we are grateful for the contributions of our departing colleagues.”