MORE NEWS OF THE INDUSTRY
Los Angeles Times to cut 250 jobs, including 150 from newsgathering staff
Michael A. Hiltzik - The Los Angeles Times - 02 Jul 2008
The Los Angeles Times today announced plans to cut 250 positions across the company, including 150 positions in editorial, in a new effort to bring expenses into line with declining revenue. In a further cost-cutting step, the paper will reduce the number of pages it publishes each week by 15%.
Tampa Tribune plans to cut one-fifth of newsroom
The Associated Press - 02 Jul 2008
The Tampa Tribune plans to lay off 11 newsroom employees this week and another 10 by early fall as part of a one-fifth cut in the news.
Strib labor talks might preserve newsroom
David Brauer - MinnPost.com - 02 Jul 2008
Reporting on the Strib’s financial condition always comes down to one thing: keeping the state’s largest cadre of talented journalists employed. While they aren’t above criticism, their critical mass is irreplaceable.
McClatchy shares tumble after Deutsche downgrade
The Associated Press - 02 Jul 2008
McClatchy Co. shares fell sharply after Deutsche Bank downgraded the company on concerns that higher newsprint costs and lower revenue expectations will hurt earnings.
Lee Enterprises joins wide meltdown after downgrade
Mark Fitzgerald - Editor & Publisher - 02 Jul 2008
Lee Enterprises Inc. stock sank by more than 12% Tuesday in a trading session in which innvestors greeted the launch of E.W. Scripps Co. as newspaper pureplay by selling off the stock on huge volume.
Milwaukee Journal Sentinel laying off 10% of workers
Editor & Publisher - 02 Jul 2008
With ad revenue down 12% so far this year, the publishing company of the Milwaukee Journal Sentinel said Tuesday it is reducing its workforce by about 10% through buyouts, attrition, and involuntary layoffs.
Star Tribune withholds some pay to lenders
The company declined to make regular quarterly payment to junior debt holders.
Neal St. Anthony - The Minneapolis Star Tribune - 01 Jul 2008
Star Tribune Co. declined to make a quarterly interest payment Monday to the holders of $96 million in second-tier debt that Avista Capital Partners raised to finance its acquisition of the news company last spring.
Newspaper shares slid $23B in 6 months
Alan Mutter - Reflections of a Newsosaur - 01 Jul 2008
The value of 11 newspaper companies traded on the public market since 2005 dove a combined $23.7 billion in the first half of this year, falling almost as much in six months as they had in the three prior years put together.
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