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Nationwide Layoffs Announced Today at Gannett
An "undated memo" sent to publishers in the Gannett chain of daily newspapers confirmed something that was suggested two weeks ago when we learned that the Clarion-Ledger was laying off 5 percent of its workforce -- the cuts are nationwide, and they hit hard in Gannett's community publishing (daily newspaper) division. From Reuters:
At Gannett, publishers are getting a reduced payroll dollar amount that they must meet based on the unit's financial performance and previous reductions, and have several options to reach their targets such as leaving open vacant positions, normal resignations and retirements, and layoffs.
Wall Street responds:
Gannett shares rose $1.56, or 8 percent, to $20.82 on the New York Stock Exchange. Many other newspaper shares rose as well on Thursday.
Gannett is rewarded here by focusing on "shareholder value" and cutting payroll at a time when readership continues to sink because there's less-and-less relevant content for readers. Wall Street responds, "Hooray!"
As long as "shareholder value" is in the driver's seat for Gannett, they'll keep losing. Their end game will probably be to whine and moan until they can own TV stations and newspapers in the same market, thus re-creating a monopoly environment with massive barriers to entry. And at that point, I shudder to think what their enterprise reporting will look like.
COMMENTS
I think I saw an article revealing that the Chicago Tribune is laying off people too. This one surprised me as rich as they are. Rich people stay rich by keeping their money and figuring out how to get more I guess. I think the LA Times did it earlier. People are reading on line.
posted by Walt on 08/18/08 at 04:27 PM
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