Layoffs at Gannett
McLean, Va-based Gannett, the largest U.S newspaper company, is cutting another two percent of its workforce, reports Politico. “That cut, which should total about 350 or more positions throughout the company, was made official in an internal memo … to Gannett employees by CEO Bob Dickey moments ago.”
“Company insiders say (third-quarter earnings) won’t be pretty, as print ad revenue losses largely between five and eight percent at many of its more than 100 properties swamp efforts at digital business revenue growth,” stated Politico.
Also of note, continued Politico, despite sagging earnings, “it has bid, over the year, to make one additional large acquisition, that of Tronc, the former Tribune Publishing’s nine newspapers, including the L.A. Times and Chicago Tribune.” (However, reports Bloomberg, “banks financing Gannett Co.’s potential takeover of Tronc Inc. have backed out, according to people familiar with the matter, putting a merger of the newspaper companies in doubt.”)
