It’s unclear whether those job cuts will come across all Gannett’s newspapers, including The Courier-Journal, or whether some will take bigger hits than others. The employment reduction, announced this morning in all all-points memo from the corporate office, comes amid forecasts that the company’s ad revenue plunged more than 12% in the third quarter, just ended; the actual results will be released Thursday.
Gannett doesn’t break out employment by subsidiary, so it’s unclear how many people work at the CJ. Company-wide, Gannett employs about 18,700; a 2% cut would be equal to about 375 jobs.
Here’s the memo from Gannett CEO Bob Dickey:
I’m writing to share with you some critical moves we are making this week and offer some context about how they are important for our company. We have made strides in building a strong and unified culture. Honesty and transparency are cornerstones of that culture, and I am committed to both.
Over the past 16 months, we have worked hard to execute our strategy with purposeful moves:
- expanding our footprint with the acquisitions of Journal Media Group and North Jersey Media Group.
- creating high quality journalism, while building one nationwide news organization with the launch of the USA TODAY NETWORK.
- leading with digital with the acquisition of ReachLocal, a best-in-class digital marketing services company, to name just a few major achievements.
These moves are central to our transformation into a leading, next-generation media company. The positive impact of these efforts will take time, which in the near-term requires us to assertively manage our costs. What’s required is not easy and I do not take it lightly.
We made the decision to reduce about 2% of our workforce across the organization, including at headquarters. We will communicate with the majority of those affected by the end of the day on Oct. 25, with actions completed by the end of the week.
We will all feel the loss of great colleagues. Each and every one of you has my deep gratitude for your many contributions to the success of our company. Actions like these are difficult, but I remain steadfastly committed to reinvesting in our employees and the capabilities required to sustain and grow our company so that we may continue to serve our customers with excellence.
Over the next 18 months, we will continue to build our scale and invest in important digital capabilities and experiences – such as critical e-commerce infrastructure and significant upgrades to our digital content platforms. I appreciate your continued commitment to the company and the future we are building together.
Please do not hesitate to share your thoughts, questions and ideas with me. I have created an email box specifically for your feedback at AskBob@Gannett.com.
President and CEO