It’s Round 2 of Furloughs at Gannett Co.

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.”

The memo from CEO Craig Dubow to employees is available in full here and at the Gannett Blog, which has been all over the story this morning.

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.

Furloughs, pay cuts, fewer benefits, etc., have become standard operating procedure for all sorts of media companies in this recession, as we’ve noted before.

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.

Also

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.)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: