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Revolving Door Newsletter: 08.15.08

Gannett Slashes 1,000 Jobs; McClatchy Freezes Wages

August 15, 2008
Here's everything you need to know about the state of the newspaper business in 2008: the largest publisher in the nation, Gannett, announced Thursday it was cutting 1,000 jobs across all of its properties, and 600 of those cuts would be layoffs. The company's stock rose 10 percent on the news. The Wall Street Journal noted that, "on a percentage basis, Gannett's layoffs are minor compared with cuts elsewhere." True, Tribune Co. is slashing its way through 20 percent of the workforce at some papers, while McClatchy announced in June that it would cut 10 percent of its workforce, or about 1,400 positions. Speaking ...

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