Preliminary reports suggest that Associated Press' Chief Executive Tom Curley has broken the bad news at a meeting to the 162 year old media company's employees that there are plans to cut around 400 workers, or 10% of their employees in 2009.
Reductions in advertising revenue no doubt contribute to AP's problems in a major way. They recently restructured their rates to make it cheaper for member publishers to contribute because so many are struggling due to a weak advertising market.
Associated Press is headquarterd in New York, NY.
Related:
A Googol Reasons why the Great Ad Fallback Biz Model is Full of Fail, Newspapers!, Difficult Times: North County Times (San Diego) Writes Off 10% of Staff, Dunder Mifflin Supplier in Pain: Boise lays off a lot
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