Lee, Gannett, and other newspaper chains tighten belts in response to pandemic-related ad revenue loss - Entrepreneur Generations

Lee Enterprise publications (Lee map; click here to see the
full list of publications)

Media companies across the U.S. are tightening their belts because of a drop in ad revenue related to the coronavirus pandemic. That includes Lee Enterprises, which owns newspapers in 25 states, many of them smaller publications, Kristen Hare reports for Poynter.

In a memo sent to staff on Tuesday, Lee CEO Kevin Mowbray announced pay reductions and furloughs to make sure the company can stay afloat. In the third quarter of 2020, the executive team will take a 20 percent pay cut on top of the pay cut they received in the first quarter. "All other employees will be subject to either a pay reduction or furlough equivalent to two weeks of salary also in the third quarter," Mowbray wrote.

Other chains have taken similar measures. Alt-weeklies all over the country are laying off staff and closing, Hare reports. And, on Monday alone, Gannett announced company-wide furloughs and cost-cutting measures, Vice cut some pay and benefits, Maven Media Brands (which owns Sports Illustrated) announced layoffs and pay cuts, and The Tampa Bay Times, which Poynter owns, cut most of its print days and furloughed some non-newsroom staff.

from The Rural Blog https://ift.tt/3aDA2LH Lee, Gannett, and other newspaper chains tighten belts in response to pandemic-related ad revenue loss - Entrepreneur Generations

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