More bad news for those in the media business, with new cuts and revenue issues.
Gannett's newspaper division has announced a new round of layoffs. The company will reduce staff numbers by 10% during the first week of December, according to E&P. As we reported October 24, Gannett, which publishes USA Today and a range of titles domestically and overseas saw newspaper advertising revenue drop 17.6% in the quarter ending September 08.
Time is to cut 6% of its workforce, or around 600 people in a restructure to be formally announced Tuesday, according to the NY Times (registration required). The job cuts would be implemented over the following two weeks. The report notes that Time doesn't plan to shut any magazines, but some titles will be "severely cut back."
Local television stations appear to be doing it tougher than first thought, according to Pali Research analyst Rich Greenfield quoted at Silicon Alley Insider. The crisis in the car industry (in part due to the broader economic crisis) is driving a massive drop in car advertising, with auto related advertising dropping 50% over the last 12 months. Car advertising accounts for 25% of all local TV advertising. Worse may be ahead, with a growing rate of car yard closures, and the possible merger of Chrysler and GM delivering even less advertising then today.