Aug 14, 2008

More of the same*

Job cuts at Gannett and wage freezes at McClatchy (via Romenesko).

The job cuts cheered Gannett's investors. The company's stock rose 10% on the news.

*Update: So what does all of this means for the Gannett-owned Desert Sun in Palm Springs? According to Publisher Rich Ramhoff, the paper will have to fire three full-time employees and eliminate an untold number of open positions:

In Palm Springs, we have been able to make up almost all of our reduction through attrition and holding positions open. However, we will have to eliminate three current full-time positions... Each person will receive on week of pay for every year of service (minimum two weeks) and medical benefits will continue during this time.

Read the full memo here.

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