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 Post subject: Onward and downward
PostPosted: Wed Apr 03, 2013 5:34 am 
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Joined: Mon Nov 14, 2005 3:47 pm
Posts: 4655
Location: New York City
Don't think of yourself as a newspaperman; think of yourself as a potential cost reduction. Who wants to work in that old, no-growth business anyway. Not to worry, for the severance will be "generous."

Quote:
The Press of Atlantic City on Tuesday reduced its staff by 26 employees as part of its preparation to sell the newspaper and related businesses to new owners.

The company also will not fill 13 vacant positions. The total elimination of jobs amounts to about 15 percent of the workforce.

Our company needs to “reduce operating costs to improve our financial performance in advance of the sale of the business. Cutting the number of people on the payroll is not the only thing we are doing to reduce costs, but it is a necessary and important part of our cost reduction plans,” The Press’ publisher, James W. Hopson, told employees in a memo on Tuesday.

Pittsburgh-based Abarta Inc., the family company that has owned The Press for 60 years, announced on Jan. 14 that it would put The Press Media Group up for sale. Abarta officials said the company wants to focus on investments with growth potential and that the media industry across the country faces challenges best met by larger companies.

Hopson said the employees who lost their jobs will receive “generous severance packages” from Abarta as well as counseling and outplacement assistance from a consulting firm.

Meanwhile, The Press has been working with its broker to provide market and financial information to potential buyers. The entities offered for sale are: The Press, which publishes daily and Sunday, and At The Shore; the weekly Hometown; SundaySaver; PressXtra; and Real Estate Monthly. Also included in the sale are its digital platforms: PressofAtlanticCity.com and AtlanticCityInsiders.com.
[Press of Atlantic City] Hat tip: Jim Romenesko


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