More cuts coming to Gannett

Gannett Co., the largest newspaper publisher in America and parent of USA Today, plans another round of layoffs at the start of July, according to reports from Gannett Blog. The Business Courier in Cincinnati - Gannett also owns the Cincinnati Enquirer - summed up what's at stake:

A report by the Gannett Blog on Friday references a memo from Gannett CFO Gracia Martore that projects 4,500 newspaper layoffs throughout the Gannett chain in July as well as a 10 percent pay cut for its broadcast employees. The Gannett Blog report also says Gannett workers will not face any more furloughs this year.

Chopping 4,500 jobs would amount to an 11-percent reduction in the company's worldwide workforce. Gannett Blog's Jim Hopkins says the company is probably aiming to save the financial equivalent of 4,500 jobs (roughly $338 million, he estimates), so the number of layoffs could change.