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Buyouts in Newport News

Discussion in 'Journalism topics only' started by Moderator1, May 12, 2007.

  1. Moderator1

    Moderator1 Moderator Staff Member

    More bad news for our business. This one saddens me. I've said many times on here that this is one of my favorite papers and I have friends there. That's not why it is one of my faves. I have friends elsewhere, too. I just think they do a hell of a job.

    May 10 2007, 12:06 PM EDT

    NEWPORT NEWS -- The Daily Press is offering voluntary buyout packages to employees with at least 10 years of experience in an effort to trim $1 million in expenses after disappointing first quarter results.

    The move will likely result in a cut of between 19 to 25 people in mid-June, said Daily Press publisher Digby Solomon. The offer is across all departments.

    Profit and revenue were down significantly for the Daily Press in the first quarter of 2007, Solomon said, as were the results for the paper's parent company, Chicago-based Tribune.

    While other Tribune papers are also offering buyouts or making cuts, Solomon said the decision was not a mandate from Tribune but his own decision.

    "I'm trying to put this behind us and focus on growing the company," Solomon said. Employees who are eligible can receive one week's pay and benefits for every six months they've been with the company. They can receive a maximum of 52 weeks of pay.
    Copyright © 2007, Daily Press
  2. John

    John Well-Known Member

    How about waiting until mid-June, when as many as 25 people are gone, before you put it behind you? And nothing grows a company like eliminating 19 to 25 jobs.
  3. Hustle

    Hustle Guest

    It also seems they're getting out of covering the Redskins as well. Apparently the 'Skins are huge in that part of the world, so that doesn't benefit the readers, either.
  4. STLIrish

    STLIrish Active Member

  5. Michael_ Gee

    Michael_ Gee Well-Known Member

    "You'll get nothing and like it!" - the business plan of the newspaper industry.
  6. zagoshe

    zagoshe Well-Known Member

    Someone was talking abotu the regional copy desks and whatnot -- that is coming quicker than we think.

    Soon there will be one copy desk in Topeka Kansas and every paper will send their copy there and every city will have like four reporters who just cover the city.......

    Oh wait a minute, that's called the Associated Press.

    Is it too late to try barber school?
  7. leo1

    leo1 Active Member

  8. Claws for Concern

    Claws for Concern Active Member

    Damn. I have a very good friend there. Thanks for the thread.
  9. Willie-Butch

    Willie-Butch Member

    What a shame. This place has one solid sports staff from top to bottom. Sad to see.
  10. Mystery_Meat

    Mystery_Meat Guest

    You'd rather not see it, but buyouts beat layoffs every day and thrice on Sunday. Here's hoping enough people on the verge of retiring can cash in and at the same time save some jobs.

    As for Redskins coverage, I'm torn. On the one hand, that area loves their Skins. On the other hand, if they can't hit the beat at full power, is it worth having at all? It'd be more logical if they were owned by a group that already had a Skins writer, but they aren't. But they're also not going to be competitive on that beat and give their readers anything more than they can get from the wires if they're not on the road; eight home games does not an NFL beat make for a paper of that size.
  11. Starman

    Starman Well-Known Member

    OK, to save $1,000,000.00, they intend to cut 25 people. (When cuts are announced, they always -- ALWAYS -- cut the number cited at the top end of the range.)

    $1 million divided by 25 = $40,000 per person.

    Not knowing the wage scale at NN, I would certainly hope that the average compensation package (wages plus benefits/insurance) for 10-year employees averages $40,000 per person.

    In other words, they intend to get every single last goddamn red cent of this $1,000,000.00 (One Million and 00/100 Dollars) right out of the hides of their employees.

    That's some creative financial thinking there, you betcha.
  12. Frank_Ridgeway

    Frank_Ridgeway Well-Known Member

    I covered a couple pro beats that didn't entail road coverage. It's frustrating for the reporter, probably for readers, too, to some extent. But it is very much better than wires. No knock on AP, but you don't control how they cover the beat. Also, I believe that when you cover more than the minimum it sends a message to readers that you want to give them the best coverage you can afford. It's like if you walk into a restaurant and you see some unrecognizable ketchup bottles on the table instead of Heinz, I think if they're gonna cut corners on something like that, God know what they are doing in the kitchen, God knows where they bought that chicken, I'm eating across the street instead.
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