MEDIA LOSER: Gannett
Gannett, the country’s largest newspaper publisher, will lay off approximately six percent of its staffers as the company continues to enforce bleak cost-cutting measures.
Employees at Gannett’s newspapers, which include USA Today, the Indianapolis Star, and the Detroit Free Press, started to receive notifications regarding layoffs on Thursday.
The layoffs come after Gannett eliminated roughly 400 jobs in August and vowed not to fill hundreds of open positions at the company's media division -- leading to a company-wide walkout. Gannett also announced spending cuts in October, when Mike Reed, the company's chief executive, announced voluntary buyouts and unpaid leave requirements for his employees.
Employees at Gannett-owned outlets have consistently been suffering under the publisher's blatant mismanagement.
The NewsGuild of New York even filed a series of Unfair Labor Practice charges with the National Labor Relations Board, citing Gannett's "union-busting actions" and attempts to "derail successful NY Guild organizing efforts." Gannett was also investigated following accusations of widespread unpaid overtime.
According to a report from The News Guild, Gannett awarded a 1.2 million bonus to their CFO for his “sacrifices during the pandemic” following a round of layoffs in 2020. Reed also reportedly takes home an annual salary that is 160 times the median salary of a Gannett worker. ;
Despite being a massive media company, Gannett has repeatedly shown a disregard for local news and journalists -- regularly putting investors and executives ahead of employees while cutting costs. |