Bleak financial reports from some of the nation’s leading publicly traded newspaper corporations reveal that print advertising is eroding faster than news websites gained online revenues. Job cuts continue.
- At the New York Times Company, online revenues grew nearly 26 percent but overall advertising income fell 5.1 percent. (earninngs release)
- At Gannett Corp. year-over-year advertising revenues fell 10.4 percent (earnings release). Reuters reports that Gannett is offering buyouts to reporters over 55 years of age with 15 years inside the company at suburban New Jersey papers:the Asbury Park Press, the Courier-Post in Cherry Hill, The Daily Journal in Vineland, the East Brunswick Home News Tribune and the Courier News in Bridgewater. The target is 166 buyouts.
- The Seattle Times said it cut its staff by 125 positions last week, bringing corporate headcount to about 1,720. There were 73 layoffs and 51 buyouts. Of those cuts, 34 were in the newsroom (19 buyout, 15 layoff) ( I am mystified as to what happened to the 52nd individual who was neither laid off nor bought out, but I assume that summary execution is prohibited by state statute is not federal law.