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59. Newspaper Closings Raise Fear (Mar 2009)

59. Newspaper Closings Raise Fear (Mar 2009)

We just learned about the layoffs and buyouts that have been plaguing the newspaper industry since early last year, here is a laundry list of some of the other blows newspapers have faced.

The Detroit Free Press and The Detriot News reduced home delivery to three days a week.

The Miami Herald, The Kansas Star and the Fort Worth Star-Telegram’s parent company, McClatchy will be cutting 15% of its workforce.

As we heard, Gannett required nearly all of its employees to take a one-week unpaid furlough in the first quarter.

The Seattle Post-Intelligencer, The Ann Arbor News and the Rocky Mountain News have also closed, with the San Francisco Chronicle and Boston Globe teetering on the edge of collapse.

The New York Times saw a 27% drop in advertising revenue. The Washington Post and USA today both saw earnings drop more than 30%.

The Pew Project for Excellence in Journalism states that by the end of 2009, 25% of the jobs that existed in 2001 will be gone.

Publishers in Minneapolis, Philadelphia and Michigan have filed for Chapter 11 protection, along with Tribune Co.

While it’s difficult to say which papers will fall next, it’s pretty clear that this change is far from over.

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