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December 5, 2008
Newspaper industry crisis deepens - can bailout demands be far behind?
Collapsing advertising revenues are forcing extreme cuts in staffing, and may push major papers out of existence in 2009. The Gannett Blog reports the grim reality at that major chain, where thousands of jobs have already vanished, with many more on t he horizon. The worst toll of layoffs (so far):The Salinas Californian eliminated a whopping 31% of its 130 jobs.But the final number of Gannett jobs lost is expected to be higher, because three of the biggest worksites haven't disclosed figures: USA Today; the Detroit Free Press and affiliates, plus The Cincinnati Enquirer. Combined employment at those three is around 4,400. Excluding USAT and Detroit, Corporate now says total job reductions will be about 2,000.Denver, one of the few cities left with two competing newspapers, may lose the Rocky Mountain News, slightly less liberal than the Denver Post. The E.W. Scripps chain has put the paper up for sale, acknowledging that even under its joint operating agreement (allowing the...(Read Full Post)