December 3, 2009
Another week, another message of despair from the newspaper industry.
The Associated Press reported on Wednesday that Gannett (NYSE: GCI ) will embark upon a new round of layoffs and weeklong furloughs throughout its newsrooms over the coming months, and will be combining its remaining USA Weekend team with the larger USA Today staff. In what is only the latest bit of bad news from a struggling sector, the article paints an especially dour picture going into the upcoming year:
"While advertising is showing some signs of picking up, the economic outlook for 2010 remains weak and the decline in travel has contributed to a recent drop in circulation," USA Today's executive editor, John Hillkirk, told employees in a memo.
Of course, Gannett's not alone. New York Times (NYSE: NYT ) , McClatchy (NYSE: MNI ) , and Time Warner's (NYSE: TWX ) Time Inc. all have faced similar situations as of late. And just last week, Washington Post (NYSE: WPO ) announced it would soon be shutting its namesake newspaper's remaining American bureaus.
What more can Gannett and its competitors do? Can they pull themselves out of their doldrums, or has that ship sailed? Weigh in with your thoughts via the comments box below.