UPDATED list of papers impacted, company statement added: In a late-Friday move Gannett, the nation’s largest newspaper chain, executed layoffs at outlets across the country. While no official tally was available, journalists at the Athens (Georgia) Banner-Herald, (South Texas) Caller-Times, Columbia (Missouri) Daily Tribune, Ventura County Star, St. Cloud (Minnesota) Times, Monroe (Louisiana) News-Star, Billerica […]
Shares of USA Today publisher Gannett tanked earlier this month after the newspaper chain reported disappointing second-quarter results. CEO Michael Reed bought the dip this past week. Gannett (ticker: GCI), which also owns hundreds of local newspapers in the U.S., said on Aug. 4 that its second-quarter revenue declined 6.9% from 2021.
The owner of the Cape Cod Times, The Patriot Ledger and the Worcester Telegram and Gazette, said it expects to lose up to $70 million this year due to inflation, distribution labor shortages and “price sensitive consumers.”