Gannett Co., which owns KTHV-TV, Channel 11, in Little Rock and the Baxter Bulletin newspaper in Mountain Home, announced Monday a new round of cost-cutting furloughs as company revenue continues on a “downward slide.”
You’ll remember that Gannett announced in January a furlough program for its first quarter, in which it asked employees to take a week of unpaid leave. This second-quarter program is different and will vary by department and location, as Dubow explains:
The length of the furlough for employees will vary somewhat by division or location, depending on the division’s operating needs and results.
Our higher salaried employees will be asked to make an additional sacrifice. This could be a second furlough week or a week’s furlough plus a temporary salary reduction equivalent to one week’s pay for the quarter, depending on the division and/or location.
Some hourly employees will not be required to take a full week. Each division or location will have different requirements for employees in this category.
Click here to see how the furloughs will affect each of the companies divisions, including broadcast and newspapers.
Dubow said the program comes as Gannett enters a new quarter “without any real relief in sight from this unprecedented economic downturn.” This is more bad news for media companies who were hoping for an early rebound.
Another newspaper company, Advance Publications, owner of the Newark, N.J. Star-Ledger and others, also announces furloughs.
(Full disclosure: My employer, Arkansas Business, has a news sharing arrangement with KTHV, and I appear daily for business reports on KTHV newscasts.)
Filed under: Arkansas Business, business, KTHV, Media | Tagged: Advance Publications, advertising, Baxter Bulletin, business, Craig Dubow, Gannett, KTHV, Media, Newspapers, The Gannett Blog, The Star-Ledger, TV |