US newspapers, magazines
to slash thousands of jobs
By Wang Jiangang
York, Nov 2 (Xinhua) Gannett Company Inc., the largest US
newspaper chain, has announced that it will lay off about
10 percent of its workforce by early December.
move, together with projected job cuts at Time, New York Times
and other big-name media organisations, has made the US economic
scenario look even gloomier for many.
the past few weeks, a number of US newspapers and magazines
have announced their plans to shed jobs so as to lower their
operating costs as the pain of the financial crisis spreads
well beyond Wall Street.
to a New York Times report, Gannett's layoffs will not apply
to the company's flagship paper, USA Today, but to the company's
84 other daily newspapers in the United States, and more than
800 small, non-daily local papers.
the largest US newspaper publisher in terms of daily circulation,
reportedly declined to say how many people would lose their
jobs. The 10-percent figure translates to roughly 3,000 people.
Time Warner's Time Inc., the world's largest magazine company,
plans a restructuring that could lead to as many as 600 job
cuts, or about six percent of its workforce, according to
move was taken in response to the onset of the world financial
crisis, which is aggravating an already difficult decline
in advertising spending at US newspapers and magazines, particularly
as more people shun printed publications in favour of free
information on the Internet.
affects some of the most well-known US magazines, including
the Time Weekly news magazine, People, Sports Illustrated
and Fortune. All these titles are part of parent company Time
Warner, which owns the AOL Internet service as well as the
CNN, the popular cable news television network.
conditions have been challenging due to the financial crisis,
which has produced sharp decreases in advertising spending.
This is expected to continue through most of 2009," Time
Chairman and Chief Executive Ann Moore was cited as writing
in a memo to employees.
as it prepares for its 100th birthday, the Christian Science
Monitor has announced that it will discontinue its Monday-Friday
print and will be replaced by a weekly paper edition, as the
daily news is picked up by its website, CSMonitor.
Monitor's editor, John Yemma, was quoted by a report on a
website as saying that there will likely be layoffs, but refused
to talk about the exact number.
The layoffs will likely occur when the shift goes into effect
sometime next April.
decision was reportedly made as Monitor is feeling the pressure
to be more self-supporting. The paper, which tends to cover
global and political news from a liberal, analytic perspective,
reportedly had $18.9 million in net losses last year with
about $12.5 million dollars in revenue.
in September, The New York Times, the largest metropolitan
newspaper in the United States with 98 Pulitzer Prizes, reported
that it was shutting down City and Suburban Delivery Systems,
a unit that distributed the Times and 200 other publications
to newsstands in the New York, New Jersey and Connecticut
it, the newspaper was reducing 550 full-time union jobs, but
a source later said the likely number would be 300 to 600.
a result of the worsening economic situation, an increasing
number of businesses in various sectors have announced their
the past two weeks, the list of companies announcing their
intention to reduce workforce reads like a Who's Who of corporate
America: Merck, Yahoo, General Electric,
Xerox, Pratt & Whitney, Goldman Sachs, Whirlpool, Bank
of America, Alcoa, Coca-Cola, the Detroit automakers and
nearly all the airlines, the International Herald Tribune
the October job losses are announced Nov 7, three days after
the presidential election, many economists expect the number
to exceed 200,000. The current US unemployment rate of 6.1
percent is likely to rise, perhaps significantly.
view is that it will be near eight or 8.5 percent by the end
of next year," said Nigel Gault, the chief domestic economist
at Global Insight. That would be the highest rate since the
deep recession of the early 1980s.
say that effective measures must be taken to help people weather
the current situation.
York Mayor Michael Bloomberg has taken the lead in adopting
some measures to cope with the situation.
Thursday, he announced 18 initiatives to help New Yorkers
cope with the increasing challenges brought by the global,
national and local economic downturn.
initiatives were designed to create jobs, support the city's
workforce, small businesses and homeowners, and provide targeted
relief to the city's most vulnerable populations.