Newspaper firm Gannett, which owns regional publisher Newsquest in the UK, is to cut 1,400 US jobs in the coming weeks as a result of the sustained fall in the advertising market.
Bob Dickey, president of Gannett’s community publishing unit, told staff yesterday in an internal memo that most job losses would take place by next Thursday 9 July.
“We must take these steps because the advertising environment remains challenged,” he said. “There have been some promising signs of a recovery, but the reality is that the improvements are not broad-based and the economy continues to be fragile.”
Gannett’s advertising revenue was down 34.1% year on year in the first three months of 2009.
Dickey added: “We need to continue our transformation and maintain a strong financial position. We must publish our newspapers, produce our websites and pay down our debt. By taking all these steps today, we will be stronger tomorrow.”
The memo was published by a former Gannett editor on an unofficial company blog.
