Newspaper Job Cuts: It's Not Just America Anymore
As if today’s Revolving Door Newsletter on mediabistro.com wasn’t depressing enough — buyouts at Sacramento Bee, Kansas City Star, Wichita Eagle, Philadelphia Inquirer and Daily News — comes news from Down Under that Fairfax Media, parent company of the Sydney Morning Herald, will cut 550 jobs, of which 180 will be journalists. The cost-cutting program will reduce the company’s workforce by five percent.
The interesting thing about the layoffs isn’t their mere existence, but the fact that Fairfax just reported a profit of more than $350 million in 2007 and will save less than $50 million by axing 550 jobs.
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