Furloughs, job cuts coming to Fort Worth Star-Telegram
A memo to employees sent on behalf of Publisher Gary Wortel lays out the bad news:
The Star-Telegram was one of five McClatchy-owned newspapers to introduce a paywall last fall. In an otherwise unhappy third quarter earnings report, McClatchy President and CEO Pat Talamantes said revenues from the paywalls “will begin to make a more significant impact in the fourth quarter.” In December, the company announced it received more than $38 million from equity investments in 2012.
Here's the memo... (more...)
Some single incumbent positions will be eliminated and several positions that are currently open will not be replaced. Work groups in several operations and circulation departments will be offered a voluntary separation package today. If enough employees do not take the voluntary option, the positions will be eliminated through the least-tenured employees in those work groups.Employees will be required to take a one-week unpaid furlough between Feb. 11 and July 31, the memo says.
The Star-Telegram was one of five McClatchy-owned newspapers to introduce a paywall last fall. In an otherwise unhappy third quarter earnings report, McClatchy President and CEO Pat Talamantes said revenues from the paywalls “will begin to make a more significant impact in the fourth quarter.” In December, the company announced it received more than $38 million from equity investments in 2012.
Here's the memo... (more...)
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