Media General Cuts Generally5/23/2008 08:00:00 PM Eastern
Media General, owner of stations and papers, announced that it will cut its work force some 11% by October. Citing the "overall slowing in the economy," President and CEO Marshall Morton said around 745 publishing positions would be eliminated, 60 in interactive media and 45 in the broadcast division.
The planned cuts equate to annualized savings of $40 million. Media General's broadcast division generated $1.3 million in political revenues in April, partially offsetting a decline in national ad sales driven by weak automotive and telecommunications advertising, the company reported. Gross time sales in broadcast decreased 3.8% for the month. Media General owns 22 stations. Among those hit Wednesday were WJAR Providence, R.I., with seven layoffs.