Gannett Announces Massive Layoffs

Meanwhile, the company's top brass is still making bank

In an internal memo distributed today, Gannett's U.S. newspapers division president Bob Dickey announced that 700 employees—or approximately 2 percent of the company’s overall workforce—would be laid off.

“As we reach the midpoint of the year, the economic recovery is not happening as quickly or favorably as we had hoped and continues to impact our U.S. community media organizations,” Dickey wrote, explaining that weakness in the real estate sector, slow job creation, and a decrease in auto ad demand are all contributing to the stall in revenue growth.

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