Gatehouse Journalism Traders Plans to BUY BACK 100 mil in Stock using eliminated top job dollars
Boston, MA: Gatehouse continues widespread job eliminations as it pockets cash to buy back stock.
Neiman Lab Ken Doctor reports –
GateHouse’s new round of layoffs fits the sad logic of the coming consolidation
Laying off about 200, hiring about 30: In the short term, cost-cutting and mergers are just about the only plays in the playbook.
Today’s editorial managers find themselves in the lemonade business. Their assembly line of lemons keeps gaining speed, and they have to constantly find new recipes to make lemonade out of thinner and thinner ingredients.
On Thursday, GateHouse — a.k.a. New Media Investments, or NEWM — unleashed a new set of layoffs in its newsrooms. While the company won’t offer a specific number, expect about 200 GateHouse newsroom employees out once all the termination dust settles; that’s among its 158 daily (and more than 300 weekly) publications coast to coast. This restructuring, one of the largest in recent GateHouse history, sees layoffs beginning now and continuing over the next couple of months, as the News… Share More: