Gannett, America’s largest newspaper chain, has announced a hiring freeze, alongside a string of other benefit reductions and cost-cutting measures intended to save the firm from financial ruin.
Employees will endure a five-day unpaid leave in December, a six-month sabbatical, and the suspension of 401k matching, according to Deadline. Employees may also opt for a four-day work week or voluntary severance. The hiring freeze will not apply to revenue or administrative positions deemed essential.
The chain has over 16,000 employees across more than 200 newspapers. It laid off 400 employees earlier this year. Revenue dropped 7% in the second quarter of 2022.
“While these actions are tough, they are critical to Gannett’s long-term success,” CEO and Chairman Michael Reed told employees on Wednesday. Said actions will “ensure we are prepared to withstand the uncertainty that lies ahead,” he asserted.
Print media publications continue to struggle with stabilizing revenue amid a broader trend toward digital news.
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