Thanks to another loyal reader for this news tip!
http://www.wral.com/news/local/story/3476556/
NEWS & OBSERVER OFFERS BUYOUTS TO 320 EMPLOYEES
Steps to kill a newspaper: 1) Big conglomerate buys up paper, only cares about bottom line ($$$) 2) Newspaper is forced to layoff more expensive experienced reporters that have developed many links and sources in the community over the years. 3) With the less experienced staff left, the quality of reporting begins to decline. 4) The degradation in quality causes unhappy advertisers and readers, and the newspaper loses money. 5) Repeat steps 2 and 3 6) The newspaper folds, and the large media conglomerate moves on to another paper in another town.
RALEIGH, N.C. — The News & Observer of Raleigh has offered voluntary buyouts to about 320 employees - about 40% of its workers and ALL OF THE NEWSROOM EMPLOYEES. Bye-Bye reporters. News & Observer publisher McClatchy Co. is in the same dizzy, downward death spiral that is clutching at the Danville Register & Bee. Not only is the News & Observer continuing to face declining advertising revenue but so is our own worthless rag.
It's the third cost-cutting move in the last five months.
In April, the newspaper offered voluntary buyouts to 230 employees, and 33 accepted. In June it enacted layoffs to 70 employees. Last month, it implemented a one-year wage freeze.
McClatchy Co. is the second-largest U.S. newspaper publisher. It also publishes The Charlotte Observer, which also reported Wednesday that most of its 810 full-time employees will get buyout offers. If the big dogs are going down, Media General is not far behind.
I'm SO GLAD I SOLD MY MEDIA GENERAL stock....shouldn't you be unloading yours?
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