Gannett Newspapers Doing Widespread Cost-Cutting

From a New York Times story by Katie Robertson and Benjamin Mullin headlined “Gannett Announces Widespread Cost-Cutting”:

The chief executive of Gannett, the largest newspaper publisher in the country, announced widespread cost-cutting to its newsrooms, citing headwinds from the “deteriorating macroeconomic environment.”

In a memo, Mike Reed, the chief executive, said the company would require employees to take unpaid leave in December, offer voluntary buyouts and temporarily suspend 401(k) contribution matches. Gannett will also freeze hiring except for crucial positions.

He said the changes were needed to ensure the company’s long-term success.