Media General to Cut Nearly 11% of Work Force

What You Should Have Read, May 22, 2008

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Media General to Cut Nearly 11% of Work Force

The International Herald Tribune, via AP, reports that Media General, the newspaper publisher and TV station operator will cut its work force by nearly 11% by October to reduce operating costs. The 750 job cuts are paired with other operating cost reductions, as the company faces a slumping U.S. economy and a deepening recession in Florida, where it has numerous operations, Marshall N. Morton, the company's president-CEO said in a news release. The publisher of the Richmond Times-Dispatch, The Tampa Tribune and Winston-Salem Journal said it expects annual savings of $40 million from the job cuts, which began in early 2007, and will be fully realized next year. The company also said its April revenue dropped 10.9%, hurt mostly by weakness in classified advertising.
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