Gannett Company announced Thursday that it’s eliminating 1,000 positions. Gannett is the largest US newspaper publisher. The company estimates nearly 600 people at its community newspapers will be fired after some are eliminated through resignations and retirements.

As news of the cuts hit Wall Street, Gannett’s stock soared, creating the largest increase they’ve seen in 21 years. This is good news for the publisher, whose stock has fallen 60% so far this year.

The company says poor business conditions led to their decision. The Virginia-based publisher saw a 16% decrease in June ad sales, including a 27% decrease at USA Today, the company’s largest circulating newspaper.

There’s good news though for the folks at USA Today. Gannett says they aren’t cutting any positions at their main newspaper at this time. Gannett expects all the cuts to be completed by August 31.

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