Newspaper publisher Gannett Co. Inc. (NYSE: GCI) has offered an early retirement buyout package to 665 of its more than 32,000 employees. The offer comes one day after The Washington Post Co. (NYSE: WPO) said that it would offer a buyout to “some” of its newsroom employees. The New York Times reported that a source told it that the Post planned on a reduction of about 20 people.
Gannett reported a -33% drop in profits last quarter and a -7% decline in advertising revenue. The Washington Post Co. reported in November that its publishing division had a -9% drop in revenue.
None of this should come as a big surprise because newspaper ad revenues have been falling for years now. The Post’s reduction is its fifth in the last 10 years.
Shares of GCI are down about -1.5% in the first few minutes of trading this morning, at $14.81 in a 52-week range of $8.28-$17.36. Shares in the Washington Post Co. are down -0.83% at $385.12 in a 52-week range of $308.50-$455.68.
Sponsored: Want to Retire Early? Start Here
Want retirement to come a few years earlier than you’d planned? Orare you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
