The Daily Buzz
E.W. Scripps to Cut 400 Jobs
The restructuring is expected to save about $15 million.
Word of the job cuts officially came Friday as Cincinnati-based E.W. Scripps Co. reported a third quarter loss from continuing operations of $21 million, or 39 cents per share. That compares to earnings of $16.6 million, or 31 cents per share, during the July-Sept. quarter a year ago.
Scripps' statement didn't say where jobs are eliminated but said employees were notified Thursday. The Knoxville paper, for example, is losing 50 spots. The company notes newspapers are dealing with "rapidly changing business conditions."
Scripps operates daily and community newspapers in 15 U.S. markets. Its dailies include the Rocky Mountain News in Denver and The Commercial Appeal in Memphis.
The Scripps earnings report broke down the losses as follows:
Local, down 16 percent to $27.3 million
Classified, down 28 percent to $33.6 million
National, down 31 percent to $5.9 million
Preprint and other, down 12 percent to $24.8 million
Online, down 12 percent to $9.1 million
The Flyer reported last week that The Commercial Appeal is cutting 27 positions.
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