Gannett Lays Off Journalists Across The Country
Another brutal day for journalism.
Gannett began slashing jobs all across the country Wednesday in a cost-cutting move that was anticipated even before the recent news that a hedge-fund company was planning to buy the chain. (Poynter)
Comment: Gannett’s interest expense nearly double in the 3rd quarter to $7.1 million from $4.6 million. The company sold $168 million of convertible debt, and now it has to choose between reporters and Wall Street. Wall Street wins, of course. The lesson is that all debt is bad. Yes, it increases “return on shareholder equity.” Until it turns against you.