The New York Times will cut 100 positions in its newsroom by the end of the year, Executive Editor Bill Keller told staff on Monday. This is the second time that the paper has taken this unfortunate step, having cut 100 positions last year (though, as Richard Perez-Pena reported in his story on nytimes.com, other positions were added so it was not a net reduction). Thing is, the TImes already cut pay for journalists and other employees this year in an attempt to forestall cuts. So… it’s not good news, but it is fit to print. Here is Keller’s memo:
I had planned to invite you to the newsroom and break this news in person today, but I’ve been hit by something that seems to be the flu. Though I strongly believe in delivering bad news in person, I don’t want to add insult to injury by spreading infection.
NEW YORK (Reuters) – Gannett Co Inc, the largest U.S. newspaper publisher, reported a lower quarterly profit and a 28 percent drop in publishing advertising revenue on Monday, but the results were better than expected and shares rose more than 8 percent.
Gannett’s profit beat reflects painful attempts to slash expenses during the past year, from furloughing and laying off workers to slashing pay. Similar moves at other publishers, such as McClatchy Co, which reported results last week, have helped them also beat Wall Street’s forecasts.
NEW YORK, Oct 19 (Reuters) – Gannett Co Inc <GCI.N>, the
largest U.S. newspaper publisher, reported a lower quarterly
profit that beat market forecasts on Monday because of cost
cuts, while revenue fell because of a 28 percent drop in
publishing advertising sales.
Gannett’s profit beat reflects painful attempts to slash
expenses during the past year, from furloughing and laying off
workers to slashing pay. Similar moves at other publishers,
such as McClatchy Co <MNI.N>, which reported results last week,
have helped them beat Wall Street’s forecasts.
NEW YORK (Reuters) – U.S. home decorating expert Martha Stewart issued a statement on Friday expressing her appreciation for long-time retail partner Kmart, one month after saying the quality of her company’s merchandise had been diminished at their stores.
Discount retailer Kmart, and its parent Sears Holding Corp, are controlled by billionaire investor Edward Lampert. Stewart’s long-standing relationship with the store chain is coming to an end just as she is set to begin one with home improvement chain Home Depot Inc in 2010.
NEW YORK (Reuters) – News Corp plans to examine Comcast Corp’s possible deal to take over NBC Universal to see if opportunities present themselves, but it is not involved in any talks, its top executive said.
“Like we do with everything, we will certainly have a look at that deal and see what opportunities are there, but we’re not in any negotiations,” Chief Executive Rupert Murdoch said on Friday.
NEW YORK (Reuters) – The sudden death of star dealmaker Bruce Wasserstein on Wednesday has sparked questions about whether the magazines he nurtured will survive in their current form without him.
Wasserstein, who died at the age of 61, considered journalism his second love after investment banking and counted several well-known media properties among his assets, including New York magazine and The Deal LLC.
NEW YORK, Oct 15 (Reuters) – Newspaper publisher McClatchy
Co <MNI.N> reported a 28 percent drop in quarterly advertising
revenue and forecast further declines through the end of the
year, sending its shares down as much as 16 percent.
McClatchy, which publishes The Miami Herald, Sacramento Bee
and other papers around the United States, is the first major
newspaper publisher to report results for the latest quarter.
NEW YORK (Reuters) – The New York Times Co said it has given up its plan to sell The Boston Globe and related businesses after drastic cuts it imposed on the daily newspaper earlier this year improved its financial position.
The announcement caps a painful odyssey for the 137-year-old Boston Globe that began earlier this year when the Times threatened to close the paper if it could not get its unions to agree to deep cost cuts.
NEW YORK, Oct 14 (Reuters) – News and financial data
provider Thomson Reuters Corp <TRI.TO><TRI.N> has agreed to buy
privately held Breakingviews, accelerating its push into
business news commentary.
The Breakingviews board has recommended that shareholders
accept the offer, Thomson Reuters said on Wednesday, adding
that the transaction should close within eight weeks.
NEW YORK (Reuters) – Bloomberg LP will buy BusinessWeek magazine from McGraw-Hill Companies as the news and data provider seeks to reach a wider audience than its traditional clients in financial services.
The announcement on Tuesday comes after several rounds of bids by various private equity firms and publishers. Bloomberg was long seen as the most likely winner of the auction.