Gannett is offering buyouts to anyone in its Community Publishing division who is over 56 with 20 years of service at the company, according to a memo posted by Jim Romenesko.
As a reminder of how huge Gannett is, that applies to 785 people, but Gannett is going to accept “only” up to 665 employees, split among Gannett’s properties. For example, at the Asbury Park (NJ) Press, up to 47 people can take the buyout, while at Florida Today (in Brevard County, Fla.) only 11 volunteers will be accepted.
Gannett Blog’s Jim Hopkins says that the buyout “represent[s] a major shift in the company’s payroll reduction strategy” for a company that usually implements layoffs or unpaid furlough days.
Also, “Until now, GCI has never extended buyouts to such a broad group of employees simultaneously.”
Employees have 45 days to volunteer. It’s unclear how much money Gannett hopes/needs to save from this program and whether Gannett will resort to layoffs if it can’t reach the desired number of cuts through volun