Time, New York Times to slash 3000 jobs

New York, Nov 2: Gannett Company Inc, the largest US newspaper chain, has announced that it will lay off about 10 percent of its workforce by early December.

The move, together with projected job cuts at Time, New York Times and other big-name media organisations, has made the US economic scenario look even gloomier for many. Over the past few weeks, a number of US newspapers and magazines have announced their plans to shed jobs so as to lower their operating costs as the pain of the financial crisis spreads well beyond Wall Street. According to a New York Times report, Gannett's layoffs will not apply to the company's flagship paper, USA Today, but to the company's 84 other daily newspapers in the United States, and more than 800 small, non-daily local papers.

Gannett, the largest US newspaper publisher in terms of daily circulation, reportedly declined to say how many people would lose their jobs. The 10-percent figure translates to roughly 3,000 people.

Besides, Time Warner's Time Inc., the world's largest magazine company, plans a restructuring that could lead to as many as 600 job cuts, or about six per cent of its workforce, according to media.

It affects some of the most well-known US magazines, including the Time Weekly news magazine, People, Sports Illustrated and Fortune. All these titles are part of parent company Time Warner, which owns the AOL Internet service as well as the CNN, the popular cable news television network.

UNI