Gannett, America’s Largest Newspaper Chain, Lays Off Journalists After Dismal Earnings Report
13.08.2022 - 07:09
/ deadline.com
In a late-Friday move Gannett, the nation’s largest newspaper chain, executed layoffs at outlets across the country.
While no official tally was available, journalists at the Athens (Georgia) Banner-Herald, (South Texas) Caller-Times, Columbia (Missouri) Daily Tribune, Ventura County Star, St. Cloud (Minnesota) Times, Monroe (Louisiana) News-Star, Billerica (Massachusetts) Minuteman, (Milwaukee) Journal Sentinel, Panama City (Florida) News-Herald and the (Kentucky) Courier Journal all reported layoffs at their publications.
There was no indication company’s flagship national paper, USA Today, was hit.
Per AP, in financials announced last week, Gannett’s revenue dropped 7% from the same time last year to nearly $749 million. At the same time, its operating expenses snuck up 1% from last year to nearly $770 million.
Gannett suffered a loss of nearly $54 million during the quarter and trimmed its revenue projection for the full year to roughly $3 billion from a previous forecast of $3.1 billion to $3.2 billion.
CEO Michael Reed announced to analysts last week that the company would be “taking significant and and permanent costs” out its business, with an emphasis on its print editions.
Deadline reached out to Gannett and will add any comment received.
Spokesperson Lark-Marie Anton told Poynter today, “We’ve been transparent about the need to evolve our operations and cost structure in line with our growth strategy while also needing to take swift action given the challenging economic environment. These staffing reductions are incredibly difficult, and we are grateful for the contributions of our departing colleagues.”
Gannett, which owns over 200 daily U.S. newspapers, had more than 16,000 employees worldwide last year which