Media Sign of The Times
posted by November 3 at 14:35 PMon
The Seattle Times is cutting their work force by about 10%, it was announced today.
The Seattle Times Co. announced more cutbacks today, including a reduction of 130 to 150 staff positions through a combination of buyouts and layoffs…In a memo to staff, Seattle Times Publisher Frank Blethen and company President Carolyn Kelly blamed the moves on industry changes and the worldwide financial crisis. They said the company needs to adjust to structural changes that have reduced advertising revenue in all media. Even the growth of online revenue — previously a bright spot for the company — has stalled during the worldwide economic slowdown, Blethen and Kelly wrote.
The company hinted there might be more cutbacks to come: “As the 2009 budgeting process continues, there will be additional expense reductions, which may include additional layoffs,” the memo stated.
This is not good news for anyone.
(Thanks to Slog tipper Susie.)