Monday, March 30, 2020

Gannett Announces Corporate-wide Salary Cuts

Posted By on Mon, Mar 30, 2020 at 4:30 PM

According to MediaPost.com the Gannett Corp. has announced salary cuts. Gannett owns the Memphis Commercial Appeal. Here's a portion of the story from MediaPost. 
click to enlarge ca_gannett.png

Reporters and editors who earn more than $38,000 annually will be scheduled to take an unpaid week off on a rotating basis, according to a memo obtained by Poynter from Maribel Wadsworth, president of the USA Today Network at Gannett and publisher of USA Today.

Executives will take a 25% pay reduction, according to a separate memo from Gannett CEO Paul Bascobert. Bascobert will take no pay until the furloughs and pay reductions have been reversed.

Though “direct sold advertising has already slowed and many businesses have paused their scheduled marketing campaigns,” Gannett is seeing “a spike in our digital traffic and online subscriptions as readers turn to us as a trusted source for information,” Bascobert wrote.

“Overall, though, we expect our revenue to decline considerably during this period, and we need to address this situation head on,” he added.

The Flyer will update this story as details emerge. 

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