Gannett Offers Buyouts to 665 Employees (GCI, WPO)
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…
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.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
