Philadelphia Inquirer, Daily News to Consolidate, Cut Jobs

31 Oct 2015 | Author: | No comments yet »

Inquirer and Daily News to merge newsrooms, layoffs to hit both papers and Philly.com.

Three major publications in Philadelphia Media Network — The Philadelphia Inquirer, Philadelphia Daily News and Philly.com — will soon merge, resulting in newsroom layoffs, Alison Burdo reported for the Philadelphia Business Journal Friday. The cuts, which Burdo reports will take place before January, “will reportedly save the parent company millions of dollars.” As it has in most markets, print ads continues to slide in Philadelphia, with the company down $90 million in advertising revenue in the last four years. In an interview shortly after his appointment, Egger alluded to the possibility of cuts, saying the company would likely have to “make adjustments” to bolster its bottom line. In an open meeting with our employees today, PMN Publisher Terry Egger gave an update on the state of our business and some of the key components of our strategic plan, with special emphasis on enhancing content, products and delivery methods, and revenue streams.

We are not unique to this economic reality, as evidenced by similar moves in recent weeks by media companies ranging from ESPN, Twitter and multiple newspaper companies. The mergers of Philadelphia Media Network’s publications come amid a time of consolidation in media, as many companies seek to eliminate redundancies and centralize production.

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