Gannett announces 700 newspaper layoffs

[Newsjock]

Source: Gannett Blog

... Today's disclosure of 700 newspaper layoffs is the single largest round since July 2009, when the U.S. newspaper division eliminated about 1,400 jobs, mostly through layoffs. This is the fourth mass layoff since August 2008.

Gannett had 32,600 employees worldwide at the end of last year, according to the most recent figures available. About 22,400 of those were at U.S. newspapers.

Today's cuts came after many newspaper workers took one-week unpaid furloughs during the current quarter. And they come three months after GCI disclosed that Chairman and CEO Craig Dubow got paid $9.4 million last year -- twice what he earned in 2009. Other senior executives also got huge raises, company documents show.

Dubow's pay included a $1.75 million cash bonus, based partly on his success in reducing costs through layoffs, furloughs and other austerity measures. Bonuses awarded other executives were also calculated according to that same formula.

Read more: http://gannettblog.blogspot.com/2011/06/urgent-gannett-announces-700-newspaper.html

[Shagbark Hickory]

1. Capitalism fail. nt

[damntexdem]

2. Gotta support those administrative salaries somehow ...

right up to the moment of bankruptcy.