Posted on 11/14/2019 2:50:03 PM PST by DUMBGRUNT
You think $300 million in costs cut is a big number? Try $400 million. Or more than $400 million.
Those are the internal numbers in the air as America’s two largest newspaper chains, Gannett and GateHouse, try to land their megamerger, first announced in August.
... Now, talk has gone to $400 million and beyond, into the range of nearly half a billion dollars. What does that mean? Almost certainly, even more reduction in headcount than had been anticipated...
And the company won’t wait for the first of the year to begin layoffs: With immediate savings a priority, expect those anxiety-inducing conversations to begin right after Thanksgiving.
Worse, McClatchy has to deal with its ongoing pension plan problems, now negotiating “a distressed termination” with the federal Pension Benefit Guaranty Corporation.
Though Reed has said editorial cuts would be minimal, “there’s no way they can get that number without significant newsroom cuts,”
...he kind of money that Fortress is walking away here with, and I know it’s not your doing. They brought this public in 2014 at $16 a share. The stock is $8.50, and they’re going to walk away with hundreds of millions of dollars. It’s just morally wrong, and they shouldn’t even take the money, given what they’ve done here.
(Excerpt) Read more at niemanlab.org ...
Cut 100% of staf
We are going to need a lot of new schools to teach them How to Code.
I shed no tears over this - Gannett took a once great newspaper and turned it into a partisan propaganda rag and can’t figure out why they can’t get subscribers anymore.
For years, I’ve been waiting for the bastards at Gannett to get what’s coming to them. They absolutely ruined several decent newspapers here in Louisiana.
To be honest, I like newspapers and books. But there is no newspaper I will buy anymore, waste of time and money
Not that I mind. They are determined to go down as a Nevertrump partisan Democrat rag.
Gannet has been a pro Hillary and pro Democrat mouthpiece. Shut it down.
No tears from here with these haters of America, Deploreables, President Trump and Christians.
Donna E. Shalala was on their Board of Directors for many years.
It couldn’t happen to more deserving folks.
But I understand most of them can use a keyboard pretty well.
It should not be too hard for them to learn to code...
I was in the airport a few weeks ago and saw someone reading the NY Times. It had a very tiny format and very thin and I asked him (to make sure) “is that the NY Times”. He said yes. I replied, “I guess their liberal spin is not working our very well”. All I got in return was a glare.
Heavens, I believe I might have a SchadenBohner...
The cuts amount to about 100K per job. Seems about right with benefits.
The MSM makes most of their $$$ of campaign ads.
Getting the parties to pour $$$ into their pockets is how they survive.
Starve the Beast
No job and no pension is what awaits.
Except code has to make sense.
I am sure most of them will try to explain that the compiler is too stupid and racist to understand their brilliant code.
Only old people read a newspaper...and dam few of them....
only a local paper..with local news and ads for local business and it has to be free..
Oh no no no.
Ridicule also waits.
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