Gannett announces new cost-cutting policies

In brief

Gannett is taking significant cost-cutting measures, according to reports citing an internal memo circulated to staff.

The publishing company is suspending 401(k) contribution matches, freezing hiring for all but “crucial” positions, and is requiring employees to take five unpaid days of leave this December.

Gannett, which owns USA Today and numerous local newspapers across the US, will also offer voluntary buyouts to staff who wish to leave.

Two months ago, the company laid off 400 employees (around 3% of its workforce) and cut an additional 400 job openings after reporting a 56.1% year-over-year decline in adjusted Ebitda (the company’s measure of profit).