Friday, November 7, 2008

E.W. Scripps to Cut 400 Jobs

Posted By on Fri, Nov 7, 2008 at 4:00 AM

From The E.W. Scripps Co., which is set to report Q3 earnings today, is cutting some 400 jobs company-wide. This has now been confirmed. E&P reported it first yesterday afternoon.

The restructuring is expected to save about $15 million.

Word of the job cuts officially came Friday as Cincinnati-based E.W. Scripps Co. reported a third quarter loss from continuing operations of $21 million, or 39 cents per share. That compares to earnings of $16.6 million, or 31 cents per share, during the July-Sept. quarter a year ago.

Scripps' statement didn't say where jobs are eliminated but said employees were notified Thursday. The Knoxville paper, for example, is losing 50 spots. The company notes newspapers are dealing with "rapidly changing business conditions."

Scripps operates daily and community newspapers in 15 U.S. markets. Its dailies include the Rocky Mountain News in Denver and The Commercial Appeal in Memphis.

The Scripps earnings report broke down the losses as follows:

Local, down 16 percent to $27.3 million

Classified, down 28 percent to $33.6 million

National, down 31 percent to $5.9 million

Preprint and other, down 12 percent to $24.8 million

Online, down 12 percent to $9.1 million

The Flyer reported last week that The Commercial Appeal is cutting 27 positions.


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