Employment Crossing

Media conglomerate E.W. Scripps is laying off about 400 employees at its newspapers, in a restructuring effort expected to save about $15 million a year. The 130-year-old company suffered a third-quarter loss in a weak advertising market.

 

Scripps did not announce where the layoffs will occur, but Scripps’ subsidiary KNS Media Group has already announced that 50 jobs, including 13 in the newsroom, will be cut.

 

Companywide, employees were notified of impending cuts last week, and the job cuts will be completed in the fourth quarter.

 

Focusing on its financial health in the short term "will yield outsized returns over the long term for those in position to exploit the transformation of our industry," Scripps CEO Rich Boehne told the Associated Press.

 

The newspaper division remains profitable; it earned $14 million in the quarter, down from $32.7 million last year.

 

Scripps also said it would suspend its dividend and take other steps to cut costs. The layoffs amount to 9 percent of its total work force.

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