Friday, August 15, 2008

Gannett Layoffs Hit The Tennessean

Posted By on Fri, Aug 15, 2008 at 1:06 PM

click to enlarge Tennessean.jpg
This week Gannett — parent company to The Tennessean — announced it would be eliminating 1,000 jobs companywide, which translates to roughly three percent of its workforce. Here in Nashville, that means that about 50 positions will be cut, according to Bob Faricy, the guy who returned our call to Tennessean publisher Ellen Leifeld. Faricy says that 40 of the jobs set for axing are already vacant and just won’t be filled. The other ten, unfortunately, are currently held by actual humans who will soon find themselves unemployed. Exactly who will be taken to the woodshed has not yet been finalized, but Faricy says that the layoffs should come from both the business and editorial departments. The cost cutting has already gotten rather uncomfortable for folks at 1100 Broadway. There’s a rumor (see comments) floating around that the air conditioning went kaput during last week's heat spell because the guy who usually fixes it had taken a company buyout. When the mercury started climbing, Tennessean bosses brought out fans, electing not to fix the AC until the fall, when repair prices are cheaper. One of the more depressing aspects of all this is that Wall Street seems to have responded favorably to the news of company-wide cuts. Gannett's share price rose 11 percent the day the layoffs were announced, the only bright spot for a company that has seen its value plummet 60 percent this year. That’s the cold, green logic of capital markets for ya’. I’m sure none of this will affect the paper’s ability to cover news in our area, right?

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