Seattle times cuts 10% of staff
from today's paper:
so. let me get this straight: advertising revenue is off >25% in the last 7+ years, and about a third of the decline (9%) was in the last year.
how much of this do you want to bet reflects the real estate downturn?!?
The Seattle Times Co., stung by continued declines in advertising revenue, said today it will cut its flagship newspaper's staff by 200.
The reductions will include "a significant number of layoffs" as well as a freeze on open positions, Publisher Frank Blethen and President Carolyn Kelly said in an e-mail to employees this afternoon.
The Times currently has 1,845 employees.
...
The layoffs had been rumored for days and came as no big surprise considering the string of bad-news announcements from the privately held company in recent months.
In a Dec. 27 e-mail to employees, Blethen said combined print advertising revenue for The Times and smaller Seattle Post-Intelligencer was down 9 percent in 2007 and had dropped more than one-quarter since 2000.
so. let me get this straight: advertising revenue is off >25% in the last 7+ years, and about a third of the decline (9%) was in the last year.
how much of this do you want to bet reflects the real estate downturn?!?
Comments
I believe there's been a much bigger decrease in the personal listings (personals, small items for sale, etc), which have for the most part moved to craigslist, and job postings, which have gone to various other online sources.
I'd agree, but in the last year? Craigslist has been around for 8 years or so.
In other news, I notice that Centex has given up their sponsorship of the KJR-AM traffic forecasts. It's now the Muckleshoot Casino traffic center.
I don't get the newspaper (except online) so I don't have any personal observations - but I think all the condo and developer advertising must have decreased.
anyone out there who subscribes to the Times?