By: Lucia Moses Both Publishers Decrease Workers By 5%
Two more newspaper companies detailed job cuts they are making in
response to the sluggish economy.
Dallas Morning News publisher Belo announced at an
investor's conference Tuesday that it cut 388 full-time
equivalents between December and April, or about 5%, and that it
would make an undetermined number of additional cuts before the
year's end.
Belo also said it would take two charges to earnings in the
second quarter, an unspecified charge to reflect a decline in its
Internet investments and a charge of 2 cents to 3 cents related
to severance payments and a retirement package for retired
Morning News Publisher Burl Osborne.
Belo's Internet investments include a roughly 6.92% stake in
Digital:Convergence, maker of the CueCat computer scanner, which
recently fired most of its staff as part of a restructuring.
Separately, Richmond (Va.) Times-Dispatch parent
Media General said it was down 400 positions, or about 5% of the
workforce, from a year ago. The company, after revising its
second-quarter earnings estimate downward last week, also said
Tuesday that it expected to just meet its full-year earnings
estimate of $2 per share.
Their announcements followed Knight Ridder's news on Monday that
job cuts it announced earlier in the year would total 1,700, on
top of 400 job cuts already made, for a total of about 10%.
Lucia Moses (lmoses@editorandpublisher.com) is an associate editor covering business for E&P.
Copyright 2001, Editor & Publisher.
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