News Leader cuts 15 positions

One blog is calling it the “biggest mass layoff in newspaper industry history,” and part of it is ongoing in the Valley.
The News Leader cut 15 job positions on Tuesday as part of a move initiated by its corporate parent Gannett Co. Inc. that will result in 10 percent of the Northern Virginia-based media company’s Community Publishing Division.

“Unfortunately, it’s something we had to do,” News Leader publisher Roger Watson was quoted as saying in a report on the NewsLeader.com website published today. “It’s a byproduct of the downturn in the economy,” said Watson, citing declining ad revenues, particularly a downturn in major retail accounts, as key factors in the decision of Gannett to institute the layoffs.

The cuts in Staunton amount to about 20 percent of the local paper’s full-time workforce. And the story online today hinted that there could be more job cuts in the offing in the near future. “It’s not going to get better tomorrow. As for the future, it’s tough to predict,” Watson said.

The move had at least a temporary positive impact on Gannett stock, down 76 percent from its 52-week high of $39.50 but trading at the open of today’s stock market at $8.68 a share, up 6 percent from Monday’s open of $8.18 a share.

For comparison, the stock of Media General, the parent company of The News Virginian, is trading this afternoon at $1.55 a share, down 94 percent from its 52-week high of $27.18 and down 98 percent from its three-year high of $69.

 

– Story by Chris Graham



augusta free press news
augusta free press news

UVA Basketball Fans!

uva basketball team of destiny
Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, by Jerry Ratcliffe and Chris Graham, is available for $25. The book, with additional reporting by Zach Pereles, Scott Ratcliffe, and Scott German, will take you from the aftermath of the stunning first-round loss to UMBC in 2018 through to the thrilling overtime win over Texas Tech to win the 2019 national title, the first in school history.

Dick Vitale on Team of Destiny: “This is a hoops story you will LOVE! Jerry and Chris capture the sensational and dramatic championship journey by Tony Bennett and his tenacious Cavalier team. UVA was Awesome Baby and so is this book!”

Ralph Sampson on Team of Destiny: “Jerry and Chris have lived and seen it all, even before my time. I highly recommend this book to every basketball fan across the globe. This story translates to all who know defeat and how to overcome it!”

Buy here.


Comments