USA TODAY launches $100 million cost-cutting program; no indication how many jobs might be affected
USA TODAY Co. announced a $100 million annualized cost-reduction program as third-quarter revenue fell 7.4% to $519.2 million. The publisher reported a $4.6 million net loss, compared with $39.2 million a year earlier.
According to Editor&Publisher, CEO Michael Reed cited changes in consumer search and inflationary pressures. He said the cost program began at quarter-end, with benefits expected in the fourth quarter. The announcement did not specify how many jobs might be affected.
The E&P post states that digital revenue "declined 5.1% to $249.3 million, accounting for 48% of total revenue. Digital-only subscription revenue nevertheless grew, reaching $46 million, as average revenue per subscriber increased 23%. Digital-only subscriptions fell 12% to approximately 1.4 million.
"The company also plans opportunistic fourth-quarter stock repurchases, with $96.9 million remaining under its authorization."
